Elliott Wave Analysis of Netflix Inc. (NFLX) Stock
In this Elliott Wave analysis of Netflix Inc. (NFLX), we examine its recent price movement using Elliott Wave Theory to help traders identify potential trading opportunities. Both the daily and 1-hour charts provide a comprehensive view of NFLX’s trend and wave structure.
NFLX Elliott Wave Analysis Trading Lounge Daily Chart
Netflix Inc. (NFLX) Daily Chart Analysis
NFLX Elliott Wave Technical Analysis
- Function: Trend
- Mode: Impulsive
- Structure: Motive
- Position: Wave 3
- Direction: Upside in Wave 3
Details: We are looking for a bottom in Wave 2 to be confirmed, with upside movement expected in Wave 3 of (5). The minimum target is TradingLevel 8 (TL8) at $800.
NFLX Stock Technical Analysis with Daily Chart
On the daily chart, Netflix is clearly in an impulsive mode, advancing within Wave 3 of (5). The stock appears to have completed its Wave 2 correction and is now entering Wave 3, which is typically the strongest and most extended part of an impulsive wave structure. The initial upside target for Wave 3 is TradingLevel 8 (TL8) at $800, a key psychological and technical level.
NFLX Elliott Wave Analysis Trading Lounge 1-Hour Chart
NFLX Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave {i} of 3
Direction: Upside in Wave 3
Details: It seems that Wave 2 has bottomed, and we are resuming the upward trend. We could either be in Wave ii of (iii) or in Wave (iv) of {i}, potentially forming a leading diagonal pattern.
NFLX Elliott Wave Technical Analysis – 1-Hour Chart
In the 1-hour chart, the wave structure indicates that NFLX is likely in the early stages of a new impulsive phase. The stock is either completing a minor correction before moving higher or advancing within a larger impulsive wave. A continued rally in Wave {i} of 3 would confirm the bullish scenario, with short-term resistance levels providing potential breakout opportunities.
Technical Analyst: Alessio Barretta
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
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