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luccapelegrinift
Sep 13, 2023 2:07 PM

What if?? Can NFLX reverse and rise? Long

NASDAQ:NFLX1D
Netflix, Inc.NASDAQ

Description

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The current secondary downtrend has already shown signs of reversal with the latest correction leg breaking the previous top.

If prices stop at the purple rectangle (33-66% reaction) and break the previous top we will have a confirmed reversal pivot.

With this, the possibility of a new primary uptrend leg arises.

Comment

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As prices moved out of the retracement area (purple rectangle), the reversal pivot becomes less likely. Therefore, the idea can be canceled.
Trend AnalysisWave AnalysisBeyond Technical Analysis
Comments
MyCryptoParadise_Nathan
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Interesting analysis! The breakdown from the retracement zone does indeed cast doubt on the reversal pivot. It's crucial to adapt to new data as it comes in. 📊
luccapelegrinift
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@MyCryptoParadise_Nathan, I don't think there's another place where we can change our opinions so quickly without any kind of shame. So, let's see what the market does. Thanks for the comment.
RohitT83
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Let see where it goes....
luccapelegrinift
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@RohitT83, Let's see! The market is always in motion, and we are constantly reacting. Thanks for the comment!
RohitT83
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@luccapelegrinift, Looks difficult to gain 415+ lvl in next 2-3 days
luccapelegrinift
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@RohitT83, Extremely difficult, no doubt! Now it is more probable a continuation of the secondary downtrend or even consolidation. The pivot that I was looking for does not exist anymore.
tooken2
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Nobody could have seen what happened today
luccapelegrinift
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@tooken2, I agree. In these moments, waiting for confirmation of a reversal pivot is very helpful. Let's continue paying attention; the market is never wrong; we only have to react to its desires.
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