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Elliott Wave View Calling for More Downside in Oil

Elliott Wave view on Netflix (NFLX) shows an impulsive structure from May 2 peak ($386.26) . The move lower from May 2 ended wave 1 at $342.5. Internal of wave 1 subdivided as a 5 waves where wave ((i)) ended at $377.25 and wave ((ii)) ended at $385.16. Down from there, wave ((iii)) ended at $352.75, wave ((iv)) ended at $365.26, and wave ((v)) of 1 ended at $342.5.

We can further see from the chart below that wave ((iii)) and wave ((v)) subdivided also as a 5 waves impulse in lesser degree. This illustrates the fractal nature of Elliott Wave Theory. The stock has now ended cycle from May 2 peak. It is correcting that cycle in wave 2 bounce before the decline resumes. Expect the rally to unfold in 3, 7, or 11 swing. As far as pivot at 386.26 high remains intact, the stock should resume lower again.

Potential target for wave 2 is 50% – 61.8% retracement of wave 1 which comes at  $364.3 – $369.5. We don’t like buying the proposed rally. If Netflix breaks below $342.5 instead, then the 5 waves impulse move from May 2 peak is still progressing.

Netflix 1 Hour Elliott Wave Chart

1 hour Netflix (NFLX) Elliott Wave Video

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