I'm not sharing this for entry and exit positioning. This is purely to study how much respect Netflix has for fibonacci.
Comment:
After breaking out of the projected triangle, NFLX sought out the 1.618 and found out it. In general, very strong support has been exhibited even to the extent of observing the breakout happen along the .236 wedge! It was entertaining watching it struggle to breakout along the top of my triangle until then. It rode the momentum just enough to form the break-hook to come back and verify the triangle is now support. INDEED! Break-hook-GO, BABY! Back to the 1.0 to match ATH. Will this be a double top? Uhhh.. NO!! We are breaking out! So the 1.618 at $351.70 is where we're headed. SUCCESS!! Now for the next test. The 2.618 at $373.26. Prove to us you have what it takes to be #1. We heard you enjoyed being the world's most valuable media company for a moment yesterday.
Comment:
Good. Now come back down and test support on the fib and trend line.
Comment:
Support of the massive trendline appears to have finally been confirmed. Had you listened sooner you might already have support of the 3.618 or 4.236. Congrats on your successful breakout, $NFLX!
Comment:
It's so trippy how it came right back down to the apex of the breakout triangle with the .382 base of $275.30. The .786 at $316.68 also offered nice bounces before that.
At least we know the massive triangle is offering support still. LOL! Not that I want to see it go this low, but I can't wait to see if we tag the intersection of it and the .236 ($260.45) or the 0 ($236.32).
And let's not forget that there's a wicked gap right beneath said 0 fib.
At least we know the massive triangle is offering support still. LOL! Not that I want to see it go this low, but I can't wait to see if we tag the intersection of it and the .236 ($260.45) or the 0 ($236.32).
And let's not forget that there's a wicked gap right beneath said 0 fib.