Netflix is in the huge 5th wave extension. I expect it to complete wave (v) of 5 very soon, probably within the next week.
RSI divergence on 3-days, weekly frames is quite visible and supports the upcoming trend reversal.
When wave 5 is extended, retracement typically goes to the bottom of wave (ii) of this 5th wave. This would mean 1180-1195 USD to end the wave 5. Also, at this price wave 5 will be 2.168 times bigger than waves 1 and 3 together.
RSI divergence on 3-days, weekly frames is quite visible and supports the upcoming trend reversal.
When wave 5 is extended, retracement typically goes to the bottom of wave (ii) of this 5th wave. This would mean 1180-1195 USD to end the wave 5. Also, at this price wave 5 will be 2.168 times bigger than waves 1 and 3 together.
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I reconsidered wave counts as initially final wave 5 within extended (V) was hardly an impulse. Wave 5 is over in my opinion and now wave 1 is 1.618 of waves 3+5 so this is perfect relationship for extended wave. The last ATH is a wave B of the correction.
Note
Last Friday May 16th we've got a doji candle floating above long green candle. Dark cloud cover or bearish engulfing might follow during next few days. Option 2 is that we consolidate more with slightly going up with protracted candle shadows which would be a sign of reversal very soon.
I am not predicting a certain reversal point here but rather will wait until it and enter short position once it is confirmed. Will update here.
Note
wave X of W-X-Y is in progress
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.