We can further see from the chart below that wave (( iii )) and wave ((v)) subdivided also as a 5 waves impulse in lesser degree. This illustrates the nature of Theory. The stock has now ended cycle from May 2 peak. It is correcting that cycle in wave 2 bounce before the decline resumes. Expect the rally to unfold in 3, 7, or 11 swing. As far as at 386.26 high remains intact, the stock should resume lower again.
Potential target for wave 2 is 50% – of wave 1 which comes at $364.3 – $369.5. We don’t like buying the proposed rally. If Netflix breaks below $342.5 instead, then the 5 waves impulse move from May 2 peak is still progressing.