Details: Looking for upside into Minor wave 3 of Intermediate (5) as we seem to be finding support on top of 675$, which corresponds to previous ATH.

NFLX Elliott Wave technical analysis – Daily chart

In the daily chart, Netflix is currently in an impulsive upward trend, driven by a strong Motive Wave structure. The price is advancing within Minor wave 3 of the larger Intermediate wave (5), signaling bullish momentum. We are witnessing a firm wave 3 push, with the stock finding support around the $675 level, a significant price point that aligns with the previous all-time high (ATH).

NFLX Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave {i} of 3.

Direction: Upside in wave 3.

Details: Looking for a three wave move in wave 2 to be completed, as we can see a three wave move, tested support on top of 680$ will add additional confidence.

NFLX Elliott Wave technical analysis – One-hour chart

Zooming into the 1-hour chart, we observe that NFLX is in the early stages of an impulsive advance, currently moving within wave {i} of 3. The structure of the chart suggests that wave 2, a corrective wave, is in progress, but we are nearing its completion. The price action has formed a three-wave corrective move, commonly seen in Elliott Wave theory, and tested the critical support around the $680 level. This support area is vital as it adds confidence to the bullish scenario if it holds.

Welcome to our latest Elliott Wave analysis for Netflix Inc. (NFLX) as of September 10, 2024. This analysis delves into NFLX's price movements using Elliott Wave Theory, providing valuable insights for traders looking to capitalize on potential opportunities based on the current market structure and trend developments. In this article, we examine both the daily and 1-hour charts to offer a comprehensive view of NFLX’s price action.

Netflix Inc. (NFLX) Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD holds firm above 1.1900 as US NFP looms

EUR/USD holds its upbeat momentum above 1.1900 in the European trading hours on Wednesday, helped by a broadly weaker US Dollar. Markets could turn cautious later in the day as the delayed US employment report for January will takes center stage.

GBP/USD recovers losses despite rising UK political risks, BoE rate cut bets

Pound Sterling advances against the US Dollar after registering modest losses in the previous session, trading around 1.3650 during the Asian hours on Wednesday. The pair could extend losses as the Pound Sterling faces pressure from rising political risks in the UK and growing expectations of near-term Bank of England rate cuts.

Gold sticks to gains near $5,050 as focus shifts to US NFP

Gold holds moderate gains near the $5,050 level in the European session on Wednesday, reversing a part of the previous day's modest losses amid dovish US Federal Reserve-inspired US Dollar weakness. This, in turn, is seen as a key factor acting as a tailwind for the non-yielding yellow metal ahead of the critical US NFP release.

US Nonfarm Payrolls expected to show modest job gains in January

The United States Bureau of Labor Statistics will release the delayed Nonfarm Payrolls data for January on Wednesday at 13:30 GMT. Investors expect NFP to rise by 70K following the 50K increase recorded in December.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

BNB prolonged correction signals deeper bearish momentum

BNB (BNB), formerly known as Binance Coin, is trading below $618 on Wednesday, marking the sixth consecutive day of correction since the weekend. The bearish price action is further supported by rising short bets alongside negative funding rates in the derivatives market.