Netflix Elliott Wave View: Further Upside Expected.Hello Traders,
NFLX short-term Elliott wave view suggests that the decline to $310.84 low ended red wave “IV” pullback. Up from there, red wave “V” can have started but a break above $423.21 6/21/2018 high remains to be seen for final confirmation. Above from $310.84 low, the rally higher $374.57 high ended blue wave (1). The internals of that rally unfolded in 5 waves structure.
Up from $310.84 low, the initial rally to $346.27 high red 1 in lesser degree 5 waves. The pullback to $337.65 low ended red wave 2. Then the rally higher towards $366.40 high ended red wave 3.
Down from there, the pullback to $359.69 low ended red wave 4. Finally, a rally higher to $374.57 high ended red wave 5 & also completed blue wave (1).
Below from there, it finished an Elliott wave Flat correction at 09/05 low (335.86) which also completed blue wave (2) pullback. Above from there it ideally should extend higher in blue wave (3). As long as the pivot at 310.84 stays intact it should extend higher. We don’t like selling it and prefer more upside against $310.84 low.
