The short-term Elliott Wave on Netflix (NFLX) shows an incomplete bullish sequence from the 4/22/2024 low, favoring further growth. The rally from the 4/22/2024 low is developing as an impulsive Elliott Wave structure. From there, wave (1) ended at 664.25 and the wave (2) pullback ended at 626.44. Stocks in wave (3) extended higher and the internal split was less of an impetus. Starting from wave (2), wave ((i)) ended at 635.83 and wave ((ii)) pullback ended at 628.25. The stock rose in wave ((iii)) towards 651.25 and wave ((iv)) ended at 644.06. Wave ((v)) higher ended at 657.99, which ended wave 1 higher.
The wave 2 pullback ended at 635.61 with an internal split in the form of a double triplet Elliott Wave structure. Down from wave 2, wave ((w)) ended at 642.64 and wave ((x)) ended at 649.93. The lower wave(s) ended at 635.61, which completed wave 2. Wave 3 is currently underway. Starting from wave 2, wave ((i)) ended at 656 and the pullback in wave ((ii)) ended at 642.35. The rally in wave ((iii)) ended at 694.39 and the pullback in wave ((iv)) ended at 673.72. In the near future, as long as the trade low of 635.6 remains unchanged, expect the declines to find support in a 3, 7 or 11 swing for further upside.
