[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.

 

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