In this technical article we’re going to take a quick look at the Elliott Wave charts of Netflix Stock (NFLX), published in members area of the website. As our members are aware, NFLX recently completed a correction against the 583.7 low. We saw a clear 3-wave pullback, wave (4), followed by the expected rally. In this post, we will explain the Elliott Wave count in detail.
NFLX H1 weekend 01.19.2025
The current view suggests that Netflix stock completed a 3-wave pullback from the peak to the low, labeled as wave (4) blue. A rally followed from this low, appearing impulsive. We have labeled this short-term cycle as wave ((i)) black, marking the start of a new bullish cycle. We expect Netflix stock to continue attracting intraday buyers in 3, 7, and 11 swings, as long as the price stays above ((ii)), and more importantly, above the (4) blue low of 823.5.
NFLX H1 post-market 01.21.2025
Netflix held above the 823.5 low as expected and made a sharp rally toward new highs. The structure from the 823.5 low looks impulsive. We believe this rally is wave ((iii)) of 3, known among Elliott Wave practitioners as the strongest wave. At some point, we expect a 3-wave pullback in wave 4 (red), which should present new buying opportunities.
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