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This is a swing trade setup for Nov 17, 2015 for the stock Netflix (NFLX). Potential gain = 30%(!) if this level breaks. Here’s where I’d safely buy to avoid a downward nasty C in a zigzag.
Best case scenario: NFLX got a huge ABC flat with an expanded version in a long C..could be a zigzag due to failed B wave attempt..in either case, if NFLX can break through 1.00 at 115, it would setup a REALLY big Wave 3…in fact 130-132 could be the highest 1.618 target on this breakout. 115 I’d expect to be sliced through pretty quick with this amazing 1-2-3 setup.
Worst case scenario: Failure at 112 or 786 and a drop below 107 setting up a C wave…looks really far fetched for that to happen and the 1-2-3 pattern pretty much looks 90%. Almost impossible to break 618 support of the powerful move from the lows of the potential S&P bottom today.
Where I’m leaning: I’d go all in tomorrow if I see a full 1.00 breakout at 115, and try to swing trade this thing for all it’s worth…or like they say “milk it for all it’s worth” (wave 3 at 1.618 to 130-132)