NETFLIX falsely broke the growing channel it had been building since the bounce.
Subsequently, it lured many impatient bears into short positions, and the subsequent strong rally from $300 is thus parasitizing to liquidate their short positions.
I expect a real rejection from the $500 area.
Invalidation is on a strong break above $500 and testing as support.
Subsequently, it lured many impatient bears into short positions, and the subsequent strong rally from $300 is thus parasitizing to liquidate their short positions.
I expect a real rejection from the $500 area.
Invalidation is on a strong break above $500 and testing as support.
Note
Netflix is entering the danger zone.
Note
It seems that the big players have just sold, but we have to wait for a possible channel breakout.
Because the behavior of people in the market is rather strange, in July 2022 they sold it in fear at $180 support, and in July 2023 they are able to greedily buy it back under resistance.
Note
Netflix is trying to keep the channel but I think sooner or later it will be lost.
Subsequently, I expect to enter phase C.
Note
Netflix has dropped out of the channel and is currently testing it, if rejected from this area there is a high probability of the start of a decline.
Note
Netflix, exactly where I expected (or rather, where Mr. Wyckoff expected it), has so far refused to re-enter the channel.
Note
The May fake rally will be deleted soon.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.