Another look at a NFLX . Similar to my other one, but a deeper look. This thing is up 150% this year. Most of the up moves being gap ups on . It was a good momo , but you have to believe that it's going to give back some. I think it will retrace to the of the most recent leg up. Which would be a perfect retracement. A happens to complete around this area as well. We shall see how this works out.
I do agree that the market overall is still extremely bullish. I do in fact believe that this is just a halt before another massive bull run upward. In the overall markets that is. I also believe that the Nasdaq will retest old highs at 5000. I do however feel that some stocks will pull back a bit before this. NFLX is one. The difference about the completion of this pattern is that it's at the 0.886 extension of the most recent downward move back in 2011. I believe from prior patterns I have seen that it will not blow right through this first try. I also believe it will lead to a larger pullback in the stock, which should be bought. But like I stated in the chart it must drop through 233.00 if it does not then I am in the same boat that it will reverse here and up we go. The only thing that makes me moderately think a larger pullback is possible is that first test of 0.886. We shall see though, happy trading.