Netflix has formed multiple topping patterns target $100
Netflix has formed multiple topping patterns target $100
NFLX – like so many other equities has formed a topping pattern. In this case a rounded top with a failure swing with bearish divergences that began in March 2018 and are starting to play out. Bear Divs exist on monthly charts of almost all of the major indexes a this point. Nasdaq, S&P 500, Russell 2,000, the Dow, etc. Major topping patterns with bear divs exist across most of the global markets which continue to play out. Globally we’ve entered a bear market and the US is just starting to wake up to this fact. A very rude awakening is waiting for the US markets in 2019.
We can debate why or why not and the talking heads on TV will manufacture all sorts of garbage explanations for why this is the bottom or the top ... but ignore the noise ... charts don't lie. The why doesn't matter. The only thing that matters is where the price is going and during what time frame.
NFLX – like so many other equities has formed a topping pattern. In this case a rounded top with a failure swing with bearish divergences that began in March 2018 and are starting to play out. Bear Divs exist on monthly charts of almost all of the major indexes a this point. Nasdaq, S&P 500, Russell 2,000, the Dow, etc. Major topping patterns with bear divs exist across most of the global markets which continue to play out. Globally we’ve entered a bear market and the US is just starting to wake up to this fact. A very rude awakening is waiting for the US markets in 2019.
We can debate why or why not and the talking heads on TV will manufacture all sorts of garbage explanations for why this is the bottom or the top ... but ignore the noise ... charts don't lie. The why doesn't matter. The only thing that matters is where the price is going and during what time frame.
Comment:
We may have found a short term bottom. FAANG and NDX market very oversold for the most part. RSI's on daily and weekly are in the extreme oversold levels and prices have been holding up so expecting a rally...possibly a prolonged multi-week rally from here.