$NFLX Nflx H&S coinciding with Phase 7 down move
Just another piece of evidence stacking up against Netflix... appears to be forming large head and shoulders pattern on the weekly which is the same time frame Hyperwave is charted on. Nov 9 300 Puts are around $4.50. Ballpark target of the $205 area. Watch this neckline area for acceleration to the downside to kick off the Phase 7 move. I just was flipping through charts and noticed I need to take a closer look... also to let you know upfront I firmly believe NFLX, if it is in a Phase 7 which I think it is, will move down quickly over the next several weeks.
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Retesting the neckline region. Looking to get into puts here but could be a lot of chop with AMZN going into its Phase 6 and the Nasdaq bouncing off of its Phase 4 line, NFLX could hang around for a while, long term, still going way down.
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Perfectly tested the 325 neckline area... had plenty of time throughout that day to get into the puts or short... We will keep our eye on future trades here, safest play is short any bigger than average rally... buy outright puts anywhere above 300 especially is can rally to 312
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Nailed it. :-)
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Phase 3 tried to hold for several weeks and failed today. Next stop is Phase 2, large gap to fill at 220, that should fill very quickly, the return to phase 2 could take several weeks months, but that will be the next possible support
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What a bounce over the last two months, but is Phase 3 holding or is Phase 7 holding, to soon to tell, wont know for sure until it gets below P3 line, but still notice lower highs even with all the bulls buying it up