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Nflxsetup

NFLX: Potential New All Time Highs 1D (May 06)X Force Global Analysis: In this analysis, we explore the technicals of Netflix (NFLX), the world's leading internet entertainment service, and arguably one of the biggest beneficiaries of the Corona Virus (Covid-19). Analysis - First of all, unlike most other blue chip stocks, we see a steady uptrend - Counting Elliott Waves, we can count an Impulse Wave (12345) up, before a strong Corrective Wave count (ABC) - This correction was not only a technical correction, but also one caused by the massive fear in the market due to the Corona Virus (Covid-19) - After this correction, we can count Elliott Double Combo Waves (WXY) - Wave W consists of a smaller double combo wave, and we are currently seeing wave X play out - Within wave X, we can expect a corrective ABC wave, leading down to the trend line support marked by the dotted red line - To support this, we see a death cross that has formed on the Moving Average Convergence Divergence (MACD), forming bearish histograms - The Relative Strength Index (RSI) continues to create lower highs as well - However, as the trend strength and momentum remain solid, we can expect a further impulsive move after a potential correction, leading us to new all time high levels What We Believe Netflix has been strong despite the fear in the market. The bullish momentum and trend strength remains, as Netflix strives to create record highs. Trade Safe.
NASDAQ:NFLXLong
by XForceGlobal