Hello fellow traders, In this blog, we will have a look at some short-term Elliott Wave charts of Netflix which we presented to our members in the past. You see the 1-hour updated chart presented to our clients on the 12/12/18.
Netflix ended the cycle from 12/03/18 peak in black wave (W) at 12/10/18 low (260.22). Above from there, we expected a bounce to occur in black wave (X). The bounce unfolded in an Elliott Wave double correction structure. We advised members that Netflix ideally should continue lower. Therefore, we expected sellers to appear in the sequences of 3, 7 or 11 swings. At the 100 - 1.236 Fibonacci extension of blue (NYSE:W)-(NYSE:X) which came at around 278.29-287.92 area and that was the first area for sellers to appear.
Netflix 12.12.2018 1 Hour Chart Elliott Wave Analysis
In the last Elliott Wave chart. You can see that the stock reached the blue box area (278.29-287.92) and reacted lower. If traded our blue box area shown in the chart above. Then, any trades from that area were risk-free, which means the stop-loss should be moved to break even, targeting lower levels. Please keep in mind that the 1-hour chart which I presented may have changed. Because as long as Netflix doesn't break 12/10/18 low (260.22). A double correction in black wave (X) higher still can't be ruled out. This blog should just illustrate how accurate our blue boxes are, and how our members trade our 3-7 or 11 swings strategy.
Netflix 12.16.2018 1 Hour Chart Elliott Wave Analysis
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