If markets show signs of weakness at any point in the near future, I believe Netflix will be one of the most prime short setup out there. Many signs pointing to downside here for the stock.
- Recent run-up due to overall hype and the massive success of Squid Games (believe we need to cool off a bit)
- Concluded all Minute, Minor and Intermediate EWT counts (assuming my count is correct)
- $VIX sitting on major support and is at it's second lowest weekly close since 2/10/20 (market is susceptible to a pullback)
With that being said, I will wait for downside confirmation as well as volume before entering a short position on Netflix. I would also want the indices to be confirming on a downtrend as well as $VIX to be in an uptrend. These factors combined would get me short. All in all, I'm still bullish in the long-term as shown.
- Recent run-up due to overall hype and the massive success of Squid Games (believe we need to cool off a bit)
- Concluded all Minute, Minor and Intermediate EWT counts (assuming my count is correct)
- $VIX sitting on major support and is at it's second lowest weekly close since 2/10/20 (market is susceptible to a pullback)
With that being said, I will wait for downside confirmation as well as volume before entering a short position on Netflix. I would also want the indices to be confirming on a downtrend as well as $VIX to be in an uptrend. These factors combined would get me short. All in all, I'm still bullish in the long-term as shown.
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