In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave charts of Netflix which we presented to members at elliottwave-forecast.com. In which, the decline from 7/29/2019 peak is unfolding as a diagonal structure with a sub-division of 3-3- 3-3-3 structure. And showed a lower low sequence favored more downside. Also, it's important to note that the Netflix was having red right side tag pointing lower favored members to took selling opportunity at the blue box areas in 3, 7 or 11 swings. We will explain the ideas & structure below:

Netflix 1 Hour Elliott Wave Chart

NFLX

Netflix 1 Hour Elliott Wave Chart from 9/08 Weekend update, in which the stock is showing a 3 wave decline from $311.89 peak within wave 3 of a diagonal structure. The internals of that pullback unfolded as double three structure where wave ((w)) ended at $290.32 low. Wave ((x)) bounce ended at $300.10 high as a lesser degree Flat structure. Wave ((y)) ended at $282.50 low as a lesser degree zigzag structure.

Up from there, wave 4 bounce was expected to unfold as a zigzag structure where wave ((a)) ended at $293.97 high. Wave ((b)) pullback ended at $287.03 low. Wave ((c)) was expected to reach the blue box selling area at $298.61-$305.76 100%-161.8% Fibonacci extension area of ((a))-((b)). Afterward, the stock was expected to resume the downside for new lows or for 3 wave reaction lower to allow members to create a risk-free position.

Netflix 1 Hour Elliott Wave Chart

NFLX

Netflix Latest 1 Hour Elliott Wave Chart from Post-Market update, in which the stock failed inside the blue box area at $298.61-$305.76 as expected. And made the strong reaction lower to the downside. Which allowed members to create a risk free position shortly after taking a short position. Now, as far as the stock remain below the $301.61 high it should look for more weakness towards minimum extension area for wave 5 target i.e inverse 123.6%-161.8% Fibonacci extension area of 4 at $278-$270.

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