NFLX Elliott Wave Analysis Trading Lounge.
Netflix Inc., (NFLX) daily chart.
NFLX Elliott Wave Technical Analysis
Function: Tendency.
Mode: Impulsive.
Structure: Theme.
Position: Wave 4 of (5).
Direction: Growth in wave 5 of (5).
Details: I am looking for the bottom in wave 4 to be there or will be soon. Wave 3 is just slightly lower than 1.618 3 vs. 1, which means an overall advantage towards TradingLevel1 at $1,000.
NFLX Elliott Wave Technical Analysis – Daily Chart
Netflix is ​​currently in the fourth wave of a larger wave (5). The wave 4 correction is coming to an end and we expect a bottom to be in place or forming soon. Wave 3 almost reached the wave 3 extension of wave 1 at 1.618, indicating a mighty momentum in the previous move. The next move will likely be up in wave 5 (5), with a target around TradingLevel1 at $1,000.
Netflix Inc., (NFLX) one-hour chart.
NFLX Elliott Wave Technical Analysis
Function: Tendency
Mode: Impulsive
Structure: Theme
Position: Wave {c} of 4.
Direction: Bottom of the wave {c}.
Details: We appear to be near the bottom of the {c} wave as we have achieved parity between {c} and {a} at $889. You’re looking for a higher turn to start having confirmation.
NFLX Elliott Wave Technical Analysis – 1 Hour Chart
On the 1-hour chart, we are tracking the completion of wave {c} of 4. The price has already reached parity {c} against {a} at $889, which suggests that the bottom is near or may already be there. Confirmation of the bullish reversal will occur when we see a mighty upward turn that will 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.
