NFLX has broken its Phase 4 Hyperwave line this week. To learn more about Hyperwave they have a channel by the same name on YouTube. The theory suggests that a sharp down move in Netflix is imminent if my interpretation/chart is correct. I have been following Netflix now for a long time and it has battled this phase line 7 out of the last 8 weeks, always surviving, but eventually as with all assets it cannot go up forever and I believe NFLX is in for a large correction in the next 2-6 weeks. However you decide to play it, just know that the correction can be violent and quick but so can the recovery. Time to be on your toes if you are watching NFLX. Target is vague, I will be looking for $300 within 3 weeks and possible down to $280 within 4-6 weeks or even kijun tag of $260. The large C Clamp on the ichi cloud is also an indication of a large move that reverts to the mean. On the time indicator the current week is on T-D Countdown 12, if it were to get above $331.50 that would trigger a sell T-D Countdown 13, also bearish. Best of luck in your trades!
Order cancelled:
Looks like were going to get more upside before this corrects. Can't enter trade on US/China news without major confirmation now.
Comment:
I've noticed something that I didn't consider when drawing this line, I think it was much to tight, the actual Phase 4 last week close rested ~324, right where it closed, which generally leads to large bounces off of the line. I show this week with a more conservative line at approx ~329, I would guess the line would be in more danger of breaking next week instead of this week, but we'll need to watch closely.