Direction: Considering the possibility of a top in Minor wave 1 as we can identify a clear five wave move. There is a possibility we are already in Minor wave 3 and wave 1 top stands where current wave (b) of {iv} is.

NFLX Elliott Wave Analysis Trading Lounge 4H Chart, 6 February 2024.

Netflix Inc., (NFLX) 4H Chart.

NFLX Elliott Wave technical analysis

Function: Countertrend.

Mode: Corrective.

Structure: Zigzag.

Position: Wave {a} of 2.

Direction: Acceleration lower into wave {a}.

Direction: As volume is starting to slowly increase during the last session, it appears that the move down is starting to be supported by volume, suggesting bears are stepping into the market. In addition awe have reached wave {v} common target of equalityi With its wave {i}.

Technical analyst: Alessio Barretta.

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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