NFLX - very close to completion bearish correction

On July 17, 2019 I posted a bearish forecast: 

“I think it is going to finally drop now in subwave c of wave B down. The most likely targets are 315 or 260. I would be looking for a deeper drop targeting 260 to go long in anticipation of another rally in wave C of 5 targeting a new all time high.”

NFLX - daily Chart updated on 7-17-2019

As expected, NFLX has been moving down since the last update. nicely dropped. So far the bottom of that move down was made at 288 on August 15. That subwave c of wave B down has already retraced meaningful 61.8% of the preceding rally in wave A up. That is more than enough for completion of the correction. A new rally in wave C of 5 targeting new all time highs may start any moment now.

NFLX - daily Chart updated on 8-23-2019

Login