I think Netflix is in the 4th wave of wave A currently. There still should be a rally higher before ultimately failing. I think $154 to $167 will be a good area to buy at. This is where the 200 SMA is and the .618 FIB is. The RSI is in a falling wedge which should eventually break up. That's when you should ride the B wave up and sell around $300. Then there should be another 5 waves down which could ultimately be back to double digit prices. It could get as low as $60 to end the C wave but those prices are a long long way away. Why $60? Usually on a parabolic break the price needs to correct 80% to continue the uptrend. Shorting or staying out is the best plan of action right now until it hits the B wave.
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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.