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Short-term Elliot wave Netflix (NFLX) shows an incomplete ascending sequence from the 4.22.2024 low in favor of further upside. The rise from the 4.22.2024 low is unfolding as an impulse Elliott wave structure. From there, wave (1) ended at 664.25 and the pullback in wave (2) ended at 626.44. The stock extended higher in wave (3) with internal split as a trigger to a lesser extent. Up from wave (2), wave ((i)) ended at 635.83 and the decline of wave ((ii)) ended at 628.25. The stock extended upward in wave ((iii)) towards 651.25 and wave ((iv)) ended at 644.06. The higher ((v)) wave ended at 657.99 which completed wave 1 at a higher degree.
The wave 2 pullback ended at 635.61 with an internal split in the form of a double triple Elliott wave. Coming down from wave 2, wave ((w)) ended at 642.64 and wave ((x)) ended at 649.93. The lower ((y)) wave ended at 635.61 which completed wave 2. Wave 3 is currently in progress. Up from wave 2, wave ((i)) ended at 656 and the pullback in wave ((ii)) ended at 642.35. The rise in wave ((iii)) ended at 694.39 and the decline in wave ((iv)) ended at 673.72. In the near term, as long as the pivot at 635.6 low remains intact, we expect dips to find support at swing 3, 7 or 11 for further upside.
