Netflix Inc. (NFLX) Elliott Wave Analysis | Trading Lounge Daily Chart
Netflix Inc. (NFLX) Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave 4 of (5)
Direction: Upside within Wave 5 of (5)
Details:
Netflix is currently in Wave 4 of the larger wave (5). The correction phase within wave 4 appears to be nearing completion, with a bottom either already in place or forming soon. During Wave 3, the stock reached just below the 1.618 extension of Wave 3 vs. Wave 1, demonstrating strong prior momentum. The upcoming Wave 5 of (5) is expected to move higher, targeting the TradingLevel1 zone near $1,000.
NFLX Elliott Wave Technical Analysis – Daily Chart
- Wave Structure: Netflix's daily chart indicates a corrective wave 4 nearing its end.
- Momentum Indicators: The completion of wave 3 below the 1.618 extension confirms robust upward trends earlier in the cycle.
- Upside Target: With wave 4 bottoming, the anticipated move into wave 5 could take the stock toward the key psychological level of $1,000.
Netflix Inc. (NFLX) Elliott Wave Analysis | Trading Lounge 1-Hour Chart
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave {c} of 4
Direction: Bottom in Wave {c}
Details:
On the 1-hour chart, Netflix is completing wave {c} of 4. The price has already reached equality of {c} vs. {a} at $889, which signals a potential bottoming zone. Confirmation of a bullish reversal will come with a strong upward move, initiating Wave 5.
NFLX Elliott Wave Technical Analysis – 1-Hour Chart
- Wave Completion: The equality target of {c} vs. {a} at $889 indicates a likely bottom in wave {c}.
- Confirmation Signal: A decisive upward reversal will validate the beginning of wave 5.
- Next Movement: Upon confirmation, Netflix may start its next bullish leg.
Technical Analyst: Alessio Barretta
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
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