NFLX Elliott Wave Update For April 15, 2024

Netflix Inc. (NFLX), a leading streaming service provider, has recently shown some promising technical developments that warrant attention from traders and investors utilizing Elliott Wave Theory as part of their analysis.

Over the past few weeks, NFLX managed to break through its long-term resistance level situated at the .786 Fibonacci retracement, which was identified at the 600 mark. The breach of this resistance level is a bullish signal, suggesting that the stock could be gearing up for a substantial move to the upside.

In the short term, for NFLX to further confirm its bullish momentum and set the stage for a long-term 3rd wave formation, it would need to break above the 635 level. A decisive move above this resistance would likely act as a catalyst, propelling NFLX into a more sustained upward trend.

Now, when considering the potential target for this 3rd wave, it’s essential to look at the Elliott Wave principles. If we assume that the 1st wave has been completed and measure the typical 1.618 Fibonacci extension of this initial wave, the projected target for the 3rd wave would be in the range of 1150-1200. This projection implies a significant upside potential from the current levels, highlighting the possibility of NFLX reaching new all-time highs.

In conclusion, Netflix (NFLX) appears to be in a favorable position from a technical standpoint, with the recent break of the long-term resistance at the .786 Fibonacci retracement and the potential formation of a 3rd wave. A break above 635 could further solidify this bullish scenario, setting the stage for a potential rally towards the 1150-1200 target range. As always, traders and investors should employ proper risk management strategies and combine this analysis with other forms of technical and fundamental analysis to make well-informed trading decisions.