$NFLX it was fun wall it lasted
NFLX while it's been a nice 300% gain over the last year 2 years, I think the trend is starting to reverse.If you look at the chart, you'll see that we've formed a double top. You'll also see the price has held the trend line fairly well on the way up. Now we've rejected it twice and I think that price is heading much lower from here.
I think we're likely to see new lows by end of year. We've seen 3 touches on the support at $163, which leads me to believe that if price can retest that level, we'll break it and see new lows.
I think the lower supports $88-124 are likely.
I've taken these positions to express the view:
10 NFLX 08/16/2024 550.00 P
60 NFLX 01/17/2025 200.00 P
Let's see how it plays out
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