Elliott Wave View: Rally in Netflix is Expected to Fail
Elliott Wave view of Netflix (NFLX) suggests the stock is doing a
Since then, the stock has resumed lower and broken below previous wave (W), confirming the next leg lower in wave (Y) has started. Down from wave (X), wave A ended at 463.27 low. The bounce in wave B unfolded as another expanded flat and ended at 492.37 high. Currently, wave C is in progress. Wave ((i)) of C ended at 465 low. The bounce in wave ((ii)) is still unfolding as zigzag correction. While below 504.77 high, expect the bounces in 3, 7, or 11 swing to fail for more downside in the near term. The 100-123.6% extension of wave A-B where C can potentially ends is at 441.36-451.13.
Netflix (NFLX) 30 Minutes Elliott Wave Chart
