NFLX update July 18

NFLX: took a big fat greasy dump after-hours on earnings and therewith confirming our bearish count.

The daily chart shows the (black) major a, b; (red) intermediate a,b; and (green) minor a, b. Applying Fib-extensions for each wave degree we see they all point to around the same number: low $60s. That’s also gap fill of the April 2015 gap (green horizontal line).nflx 1

Tomorrow all TIs will point down, providing an ideal A.I. sell signal. Do not mess with it 😉

The weekly chart below shows the same count, of course and good support at the 200w SMA now at $63.25; as well as the lower blue trendline now at around $70. Hence, low $60s is the ultimate target we believe and a great area to start scaling into longs.

 

nflx 2