Premium Preview: NFLX Flickering

$NFLX has shifted to a downside bias in attempt to fulfill a harmonic pattern called a Gartley at ideally 64.09, but the PRZ (Potential Reversal Zone aka the completion zone target for a harmonic pattern) is between 64.09 to 58.53.  There are obstacles along the way, with one of signficance at 79.95, the other has price extended so this implies a stall or bounce into 93.80 region.

For an intraday perspective, in this case, I'm using an STRange 50 bar chart shows price is in between opposing emerging harmonic patterns.  This is indicative of price trying to decide directional movement, in other words a neutral bias.  Thanks to harmonic patterns, there are specified levels to keep an eye on for a validation.

Initial levels to break and hold are above the Line in Sand level 88.59 or below brown zone level 87.50.  An upside break of 88.59 increses the probability of testing the green colored harmonic PRZ target at 92.40 with points of interest along the way aka scaling points at the green levels.  If the Bat PRZ is a valid reversal pattern, this will keep the downside bias from the Day chart perspective.

A downside break of 87.50 has an important support test target at 86.30 and Line in Sand target at 85.74, below there will highly increase the probability of completing either the Butterfly at 84.96 or Crab at 83.98.  This will help the Day chart get closer to its Signficant Level 79.95.

 

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