[Netflix] When will the crash end?

Apr 30, 2022

#Netflix #NFLX #NASDAQ #Daily
- Here’s NFLX Daily chart. It recently has shown a huge drop about 73% from the historical high at $700.
- During the fall, it made a consolidation zone (HVP: High Volume Peak) around $330~$400 surrounded by big gaps.
- Currently NFLX reached 0.705 retracement level of the impulsive wave which also happens to be the bottom of the blue falling channel.
- Also, there are some of major HVPs that were formed at 2017 at current price level and thus I believe this area is a PRZ(Potential Reversal Zone), expecting some technical price actions.
- If it falls a bit more, some attractive buy zones are $153~$168 and $82~$97 which are confluent zones of trendlines, Fibonacci retracement levels, stop hunting level of an impulsive wave, and POC (Point of Control) levels of major contractions.
- Some resistances that I am considering are $288~$303, $373~$388, and $443~$458. If you are looking for more conservative spot, I would recommend you to wait until it breaks the blue falling channel above and until then, I would maintain my bearish perspective.