NFLX – Netflix, Inc.

Last updated July 5 , 2019

Daily chart: Another of the FAANG stocks that has not made an ATH yet… not moved much since the last update (~5% in twi months), and the price action remains, well, horrible. I am still without a clue on how to correctly count this overlapping mess. Maybe a high level consolidating wave-2? Possible, for now the Bulls have the benefit of the doubt as price is above its rising 20d, 50d and 200d SMA, which are now also Bullishly stacked (20>50>200). There’s still a gap at $390, which begs to get filled.

Weekly chart: Like -possible for= FB and AMZN, also the ending diagonal pattern for NFLX remains in play and can’t be excluded. I’d like to see a deeper wave-2 though, but beggars can’t be choosers and thus a standard impulse pattern remains plausible, but it has not shown it self in the charts yet as there’s no clear 1,2,i,ii setup. Thus also here uncertainty about the bigger picture from an EWT perspective remains. Like most of the other FAANG stocks, all this “uncertainty” does play in the cards of a final 5th wave.