NETFLIX INC.: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 641.52 |
| Take Profit | 540.00, 490.00 |
| Stop Loss | 665.03 |
| Key Levels | 490.00, 540.00, 665.03, 750.0, 800.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 665.05 |
| Take Profit | 750.00, 800.00 |
| Stop Loss | 636.75 |
| Key Levels | 490.00, 540.00, 665.03, 750.0, 800.00 |
The price is in a correction, a fall is possible.
On the daily chart, the upward wave of the higher level C forms, within which the first wave (1) of C develops. Now, the third wave of the lower level 3 of (1) has ended, and a local correction has started as the fourth wave 4 of (1). If the assumption is correct, the price of the asset will fall to the area of 540.00–490.00. In this scenario, critical stop loss level is 665.03.
Main scenario
Short positions will become relevant below the level of 665.03 with the targets at 540.00–490.00. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price above the level of 665.03 will let the price grow to the area of 750.00– 800.00.
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