Perhaps the strongest FANG stock in it's final bull market ascent,
Netflix,NFLX, like other NDX technology stocks,
has rolled over in a massive chart breakdown,
that at first read of the chart suggests a colossal failure.
When stocks give back nearly their entire breakout advance,
it is suggesting that a' blow off parabolic "topping pattern is in place,
the most bearish of all patterns
Obvious prior overvaluation
shows up in what I call a" busted ' stock,
if the technical pattern supports such a conclusion.
The "Island Reversal" Top in NFLX above 400,
had the footprint of the BEAR
written all over it.
I remember immediately recognizing it for what it was.
Now as the stock descends back down the proverbial ladder it advanced
the stopping point, or potential basing area,
has two obvious initial destination points to reach.
Either 240, or 190.
Pick your Poison.
NFLX 261.43 Last
THE_UNWIND 11/27/18
NEW YORK
Netflix,NFLX, like other NDX technology stocks,
has rolled over in a massive chart breakdown,
that at first read of the chart suggests a colossal failure.
When stocks give back nearly their entire breakout advance,
it is suggesting that a' blow off parabolic "topping pattern is in place,
the most bearish of all patterns
Obvious prior overvaluation
shows up in what I call a" busted ' stock,
if the technical pattern supports such a conclusion.
The "Island Reversal" Top in NFLX above 400,
had the footprint of the BEAR
written all over it.
I remember immediately recognizing it for what it was.
Now as the stock descends back down the proverbial ladder it advanced
the stopping point, or potential basing area,
has two obvious initial destination points to reach.
Either 240, or 190.
Pick your Poison.
NFLX 261.43 Last
THE_UNWIND 11/27/18
NEW YORK