Elliott Wave Technical Analysis: Netflix Inc. – Tuesday, Nov. 5

NFLX Elliott Wave Analysis Trading LoungeNetflix Inc., (NFLX) Daily ChartNFLX Elliott Wave Technical AnalysisFUNCTION: TrendMODE: ImpulsiveSTRUCTURE: MotivePOSITION: Wave 3 of (5).DIRECTION: Upside in wave 3.DETAILS: Looking for continuation higher after a leading diagonal in wave 1 and a sharp correction in wave 2.Netflix Inc., (NFLX) 1H ChartNFLX Elliott Wave Technical AnalysisFUNCTION: TrendMODE: ImpulsiveSTRUCTURE: MotivePOSITION: Wave (b) of {ii}.DIRECTION: Bottom in wave (c).DETAILS: Looking for a move down in wave (c) of {ii} as we seem to be near completion of a triangle in wave (b). Equality of (c) vs. (a) stands at 735$.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.*NFLX Elliott Wave Technical Analysis – Daily Chart*On the?daily chart, Netflix appears to be in?wave 3 of (5)?within a larger impulsive structure. After completing a?leading diagonal?in?wave 1?followed by a sharp correction in?wave 2, the expectation is for further upside in?wave 3, which is typically the strongest and longest wave within an impulsive sequence.* NFLX Elliott Wave Technical Analysis – 1H Chart*The?1-hour chart?suggests that NFLX is completing a?triangle in wave (b)?within?wave {ii}. The next move is likely a decline in?wave (c)?of {ii}, targeting equality between waves (c) and (a) around?$735. Once?wave {ii}?finishes, the bullish momentum is expected to resume with a continuation higher in?wave {iii}.Technical Analyst: Alessio BarrettaMore By This Author:Elliott Wave Technical Analysis – KOSPI Composite Index
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