Netflix Inc. (NFLX) Elliott Wave technical analysis [Video]
|NFLX Elliott Wave Analysis Trading Lounge.
Netflix Inc., (NFLX) daily chart.
NFLX Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave 4 of (5).
Direction: Upside within wave 5 of (5).
Details: Looking for a bottom in wave 4 in place or soon to be. Wave 3 is just a bit short of 1.618 3 vs. 1, looking for overall upside towards TradingLevel1 at 1000$.
NFLX Elliott Wave technical analysis – Daily chart
Netflix is currently in Wave 4 of the larger wave (5). The correction within wave 4 is nearing completion, and we expect to see a bottom either already in place or forming soon. Wave 3 nearly reached the 1.618 extension of wave 3 vs. wave 1, indicating strong momentum in the previous move. The next move will likely be upside into wave 5 of (5), with the target around TradingLevel1 at 1000$.
Netflix Inc., (NFLX) one-hour chart.
NFLX Elliott Wave technical analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave {c} of 4.
Direction: Bottom in wave {c}.
Details: We seem to be close to a bottom in wave {c} as we have met equality of {c} vs. {a} at 889$. Looking for a turn higher to start having confirmation.
NFLX Elliott Wave technical analysis – One-hour chart
On the 1-hour chart, we are tracking the completion of wave {c} of 4. The price has already hit equality of {c} vs. {a} at 889$, suggesting that a bottom is near or may already be in place. Confirmation of a bullish reversal will come when we see a strong turn higher, which would initiate wave 5.
In this Elliott Wave analysis, we will review the trend structure of Netflix Inc., (NFLX) using both the daily and 1-hour charts to assess the current wave position and potential price movements.
Netflix Inc. (NFLX) Elliott Wave technical analysis [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.