The rally from the 13 March 2023 low unfolded as an impulse structure and showed a higher high sequence favored more upside extension to take place. We will explain the structure & forecast below:
Netflix 1-Hour Elliott Wave Chart From 5.24.2023
Here’s the 1hr Elliott wave chart from the 5/24/2023 Post-Market update. In which, the short-term cycle from the 5/17/2023 low ended in wave ((iii)) at $375.87 high. Down from there, the stock made a pullback in wave ((iv)) to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave (a) ended at $363.81 low. Wave (b) bounce ended at $372.01 high. And wave (c) managed to reach the blue box area at $360.01- $352.59 equal legs area. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.
Netflix Latest 1-Hour Elliott Wave Chart From 5.30.2023
Above is the Latest 1hr Elliott wave Chart from the 5/30/2023 Midday update. We can see the stock is showing a strong reaction higher right after ending the zigzag correction within the blue box area. This allowed members to create a risk-free position shortly after taking the long position at the blue box area. It already made a new high above $375.87 high & confirmed the next extension higher. Now as far as it remains above $353.52 low another new high towards $414.13- $428.39 area is expected to take place before entering into another pullback.