Sounds silly. Probably is. No divergences, good solid higher highs. Everything points to NFLX going higher. COVID gave NFLX a lot of new customers, many of whom will stick around after this mess is over (will it ever?)
Yet, when the economy opens up there will be pressure on NFLX. Clearly, it is the market leader but its story surely has woken up sleeping giants - AAPL, Disney and new comers will start eating into NFLX. Is this a "good price"? I will be watching NFLX for weakness.
The harmonic pattern is a bearish butterfly. D is typically 1.27, so there are ways to go up for NFLX before it completes the pattern ready to turn bearish but it is getting there.
Yet, when the economy opens up there will be pressure on NFLX. Clearly, it is the market leader but its story surely has woken up sleeping giants - AAPL, Disney and new comers will start eating into NFLX. Is this a "good price"? I will be watching NFLX for weakness.
The harmonic pattern is a bearish butterfly. D is typically 1.27, so there are ways to go up for NFLX before it completes the pattern ready to turn bearish but it is getting there.
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