In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of Netflix ticker symbol: NFLX. In which, the rally from the 27 June 2023 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
Netflix 1-Hour Elliott Wave Chart From 7.06.2023
Here’s the 1hr Elliott wave chart from the 7/06/2023 Pre-Market update. In which, the rally from the 6/27/2023 low unfolded in an impulse sequence where wave 1 ended at $450.97 high. Down from there, the stock made a pullback in wave 2 to correct the cycle from the 6/27/2023 low. While the internals of that pullback unfolded as Elliott wave zigzag structure where wave ((a)) ended at $439.62 low. Wave ((b)) ended at $446.71 high and wave ((c)) managed to reach the blue box area at $435.27- $428.20 area. From there, buyers were expected to appear looking for the next leg higher or for a 3-wave bounce minimum.
Netflix Latest 1-Hour Elliott Wave Chart From 7.11.2023
This is the latest 1hr Elliott wave Chart from the 7/11/2023 Post-Market update. In which the stock is showing a reaction higher taking place, right after ending the pullback within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above the $450.97 high is still needed to confirm the next extension higher & avoid a double correction lower.
Source: https://elliottwave-forecast.com/stock-market/netflix-reacting-higher-perfectly/