In this Elliott Wave analysis, both the daily and 1-hour charts of Netflix Inc. (NFLX) are analyzed to identify the current wave positions and potential price movements.
Netflix Inc. (NFLX) Elliott Wave Analysis Trading Lounge Daily Chart
NFLX Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave 3 of (5)
Direction: Upside within wave (5)
Details: Anticipating further upside movement into wave (5) toward Trading Level 1 at $1000. However, a larger pullback in wave 4 may occur before resuming the upward trend into wave 5 of (5).
NFLX Elliott Wave Technical Analysis – Daily Chart
The daily chart indicates that wave 3 of (5) is actively progressing, aiming for additional upside momentum toward Trading Level 1 at $1000. Before reaching this target, a significant pullback is likely to occur in wave 4, which would establish a more solid base for the subsequent advance into wave 5 of (5). This corrective phase is necessary to build a sustainable structure for the next upward move.
Netflix Inc. (NFLX) Elliott Wave Analysis Trading Lounge 1H Chart
NFLX Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave {b} of 4
Direction: Bottom in wave {c}
Details: A downward move into wave {c} of 4 is expected, as wave {v} appears to have topped. This aligns perfectly with the parallel base channel formed by waves {ii} and {iv}.
NFLX Elliott Wave Technical Analysis – 1H Chart
On the 1-hour chart, wave {b} of 4 is currently unfolding. The analysis highlights a probable leg lower into wave {c} of 4, signaling a potential top in wave {v}. The downward move may bottom out within the parallel base channel defined by waves {ii} and {iv}. This corrective phase will likely conclude the current structure, setting the stage for the next upward trend.
Technical Analyst: Alessio Barretta
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
See Previous: JP Morgan & Chase Co. (JPM) Elliott Wave Technical Analysis
VALUE Offer - Buy 1 Month & Get 3 Months!Click here
Access 7 Analysts Over 200 Markets Covered. Chat Room With Support
