My apologize on my prior count for NFLX as it was clearly wrong. Going back to the drawing board, a primary I,II,III, IV as shown below makes more sense given today’s price action. This is the problem and beauty of EW. It is incredible hard to count all waves correctly, and if one is only off by one degree you’ll miss a whole lot at the end… On the other side, with being able to adjust the count one can re-predict price targets and make more money. The latter is what matters obviously! 🙂
In this case, the high made in the year 2011 counts best as a Primary I, followed by Primary II, III and IV. Given that major 2 retraced rather much of major 1, I expect major 3 to extend, which fits with the intermediate wave-extensions. Major 3 should then hit around $745 (the 200% extension of intermediate i of 3), major 4 down to $590-$650, and then Major 5 to $850-$880. That’s what I have in mind. I guess we can say it’s a buy 😉 Just look at how the weekly BBs are expanding. That’s some serious momentum and upside potential.
CLICK CHART TO ENLARGE