NETFLIX 23-year pattern started a correction. Could be massive.

A month ago (October 14, see chart below) we published the following chart on Netflix (NFLX) calling for a strong correction, but the immediate split has distorted the price:

We thought it would be a good time to publish it again with the current price action and with the addition of its 23-year Channel Up, so that people can have a much better understanding of the multi-year dynamics involved.

As you can see, the price has been rejected 4 months ago on the 7-year Internal Higher Highs trend-line that started on June 2018. Both previous rejections on that trend-line hit at least the 1W MA100 (red trend-line), the 2022 one even broke below the 1M MA100 (green trend-line) and almost touched the 1M MA200 (orange trend-line).

Both those rejections, as well as the current one, had another two things in common. A 1M MACD Bearish Cross and a 1M RSI bearish reversal from overbought (>70.00) territory. Those tops are fairly accurately displayed by the use of the time cycles. Even from the very start of this 23-year Channel Up.

As a result, this model suggests that the stock has clearly topped and is entering a Bear Cycle or at least a correction to the 1W MA100. That is why our first Target is at $88.00. If the market closes a 1M candle below the 1W MA100, as in January 2022, September 2011, August 2004 (all same Cycle Top conditions as described above), we even expect a deeper correction towards the bottom of the 23-year Channel Up. In that case our Target will be $58.00, potentially making contact with the 1M MA100.

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