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Netflix Showing Early Signs of Short-Term Recovery

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free nasdaq nflx netfix chart calls
free nasdaq nflx netfix chart calls
Figure 1. NFLX Elliott Wave Projection

Netflix has completed a five-wave decline ending near 1,075 and is now showing signs of recovery. The price is trying to move higher and is currently facing resistance around 1,133. A strong close above this level could start a short-term upward rally. However, the larger trend remains bearish unless the stock breaks and holds above the 1,166 – 1,180 zone. In short, the short-term outlook is slightly positive, but the overall trend remains weak.

After confirmation, traders can long for the following targets: 1171 – 1200 – 1296+.

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