[Chart Review] $NFLX setting up for huge upward W3 to 155-160(!)

Dec02nflx

This is a chart review/forecast of NFLX (Netflix) on the 15 day 1 minute chart..looks like a huge upward 3 is forming potentially to as high as 155-160 if it travels 1.618 X W1…

Best case scenario:  It holds 125.5 and rallies in a full 1.618 X W1, W3 to as high as 155-160…the first wave was about 25 points so based off the low of the W2 at 120, a 40 point golden ratio move would target that 155-160 region….started the count from 102-126 (W1), Wave 2 was 126 to 120 in the A wave, and to 123 in a C wave with the big breakout today…126 was key breakout level for NFLX and it’s gone…setup is strong.

Worst case scenario: Just a 5th wave fluke move with resistance at the intraday high today..it would drop below 125.5 and retest 120 after completing a 5 wave impulse.

Where I’m leaning:  The setup looks strong simply because the w2 flat has that W2 appearance and lasted long enough to coil this move…this is the 80% trade setup for a pure 1.618 W3 at this point, and hopping aboard here isn’t a bad idea.  I may even buy myself on any zigzag move.

About the author

CEO Ted Aguhob, Master Elliottician and Technical Analyst, Day And Swing Trader, Website Designer And Marketer, Artist, Producer and Musician has provided content to gemxwave.com, wavegenius.com and masterofcharts.com for over 14 years. The biggest breakthrough as a blogger came in 2013 when Wavegenius.com produced a net profit of over $177,000 and became one of the highest earning blogs in the entire country. Many of his biggest and most amazing calls appeared on major financial websites like Thestreet.com, Yahoo Finance and MSN Money, was a radio personality on Washington DC Radio, and has a following in the tens of thousands for many years. Ted is known for his charisma, vision, creativity and better yet.."genius."

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