dubi_m
Short

NFLX update - still seeing a potential strong selloff

NASDAQ:NFLX   NETFLIX INC
259 0 2
The previous H&S pattern I saw was quickly negated as we got a decent bounce on earnings . However the weakness of this bounce indicates to me substantial further downside is possible here. Probably it was just "working" on the right shoulder. Moving forward, I think we hit some support at 309-310 early next week and bounce back to the descending trendline around 335-340. Watch this trendline for potential breakout and reversal but I suspect the overall market conditions will not let it happen. If the H&S confirms with clear break under 308, it could get nasty, sub $200 target.
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