Elliott Wave View: Netflix Looking to Resume Lower

Short Term Elliott Wave view on Netflix (Ticker: NFLX) suggests that the spike to $318.79 on October 17, 2019 ended wave ((4)). Internal subdivision of wave ((4)) unfolded as a zigzag Elliott Wave structure where wave (A) ended at 288.17, wave (B) ended at 265, and wave (C) ended at 318.79. Since then, the stock has reversed the gain and started the next leg lower in wave ((5)). Internal subdivision of wave ((5)) is unfolding as a 5 waves impulse Elliott Wave structure where wave (1) of ((5)) ended at 265.28.

Down from 318.79, wave 1 ended at 306.23 and wave 2 bounce ended at 316.79. The stock then resumes lower in wave 3 as an extended nest with 5 waves subdivision to a lesser degree. Afterward, the stock corrected in wave 4 towards 279.94, and resumed lower again 1 more time in wave 5. Netflix is currently bouncing in wave (2) to correct cycle from October 17 high before the decline resumes.