Netflix Inc., (NFLX) Elliott Wave Analysis - Trading Lounge Daily Chart
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave (5)
Direction: Upside within wave 5 of (5)
Netflix appears to be advancing within wave 5 of (5), signaling the continuation of its impulsive trend. The current wave analysis indicates that Netflix reached equality of wave 3 vs. wave 1 around the $850 level.
Two potential Elliott Wave counts are under review:
- Netflix might be undergoing a corrective Minor wave 4, suggesting a short-term consolidation.
- Once this correction is complete, another upward movement in wave 5 could finalize the broader impulsive structure.
Netflix Inc., (NFLX) Elliott Wave Analysis - Trading Lounge 1H Chart
NFLX Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave {iv} of 3
Direction: Upside in wave {v}
The 1-hour chart reveals that Netflix is progressing within wave {iv} of 3. Following this corrective wave, wave {v} is anticipated, continuing the upward momentum to complete the overall wave 3 structure.
Key Observations from 1H Chart:
- The five-wave structure of wave 3 remains incomplete.
- Both wave {iii} and the upcoming wave {v} require additional upside movements to complete the Elliott Wave counts.
Netflix's Elliott Wave progression continues to suggest bullish opportunities, with the potential for further upward price action in the near term.
Technical Analyst: Alessio Barretta
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