Netflix, Inc.Short
NFLX High Probability Play
NFLX is just finishing off a large 5 wave sequence to the upside. Currently a double top is forming on the hourly with 5 wave left top and B wave right top. This will be followed by a strong C wave down. Pairing Elliot Wave with chart patterns can add compelling conviction and reliable confluence to price action. A, B, C structures are usually also confirmed by average to low volume. NFLX has been trading with average volume since the start of A wave down.
The most likely target for a pullback is between the $355 (23.60%) and $347 (38.20%) range. A psychological resistance of $370 is also in play. I plan to target this with the now “cheaper put premiums) due to lack of real volatility and weak economic calendar. A put debit spread of any combination of strikes between $360 & $352.50 Exp 2/3 would be a sound bet for this downside move. A nice confirmation entry would be a loss of the 34MA on 15 min timeframe and RSI crossing under 50
The most likely target for a pullback is between the $355 (23.60%) and $347 (38.20%) range. A psychological resistance of $370 is also in play. I plan to target this with the now “cheaper put premiums) due to lack of real volatility and weak economic calendar. A put debit spread of any combination of strikes between $360 & $352.50 Exp 2/3 would be a sound bet for this downside move. A nice confirmation entry would be a loss of the 34MA on 15 min timeframe and RSI crossing under 50
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.