NFLXA new ATH was tested for NFLX today at exactly $510.00 before turning slightly bearish for the day. With earnings coming up on July 16, this may look to continue pushing new highs. NFLX is known to be a major stay-at-home stock amid the Coronavirus outbreak, and as fears of new cases still to come, this may continue its push upward.
NFLX
How the Elliott Wave works on NETFLIX (NFLX)Back in June, we wanted to prove to our members how the Elliott Wave Theory, when used correctly, can help traders narrow down the probabilities of price movements for any financial asset, allowing them to foresee what other traders can't. As an example, we applied the theory to the NETFLIX (NASDAQ:NFLX) chart to show our members how its price would likely behave over the time period of several weeks. That was almost a month ago so let us find out how things have progressed so far.
Check out the comparison charts below:
Today's chart:
First posted 3 weeks ago:
Using the theory, we were able to precisely predict the price milestones that the NFLX market would take to reach its new all-time high of $500. The theory does not always work but when it does, it can be very precise. If you are interested in learning the theory, we would recommend you start by reading this book entitled "The Wave Principle" by Ralph Nelson Elliott . Please share and like this post if you find it useful.
NFLX (Netflix): Possible H&S PatternNFLX (Netflix) is developing a potential Head & Shoulders price pattern, on the daily chart.
Neckline Support in red is approximately $405 to $408 range.
Downside breakdown target would be -13%, or approximately $355 range.
If the H&S fails, NFLX would need to breakout above $444 and $459 to continue the uptrend.
NFLX Analysis Weekly Chart
3 Bar
Bullish Momentum
Daily Chart
Ascending Wedge Bullish Breakout
Bearish Divergence (MACD Hist, Stoch, Diosc)
Pullback to ~474.01 expected before Bullish Continuation
30min Chart
Descending Triangle
Retest of Ascending Triangle Breakout Line
Bullish Divergence (MACD Hist, CCI, Stoch, CMF, MFI)
Loss of Bearish Momentum
NFLX SignalCalled this on the group chat at about 400, and the gaol is 495, its almost hit already and will soon go back down to the bottom of support retest and hopefully bounce back up and easily hit my target of 495
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