NFLX Elliott Wave technical analysis [Video]

NFLXElliott Wave analysis

• Function:Counter-Trend.

• Mode:Corrective.

• Structure:ZigZag.

• Position:Wave C of (4).

• Direction:Approaching Bottom in Wave C.

• Details:NFLX is within a ZigZag correction, still inside the base channel, with support around$800potentially acting as a floor. Confirmation ofWave C’s bottomcould trigger an upward trend inWave (5).

• Function:Counter-Trend.

• Mode:Corrective.

• Structure:ZigZag.

• Position:Wave {v} of C.

• Direction:Bottom forming in Wave {v}.

• Details:A five-wave move withinWave Cis near completion, stopping just shy of theequality target(C vs. A). However, due to volatility, confirmation throughupside breakoutis essential.

Technical Analyst:Alessio Barretta.

NFLXElliott Wave analysis [Video]