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At the current pre-market price of 79.27, NFLX is down 41% from the ATH, as the price structure nears a significant technical inflection level in and around 75.00, which represents the Fibonacci 50% retracement-support level of the entire bull phase from the May 2022 low to the June 2025 high.Given the glaring positive Momentum divergences that have emerged during the last two weeks of trading (lower prices accompanied by higher Momentum readings), my preferred scenario argues for NFLX to pivot to the upside from the 75-80 Turn Window into a meaningful recovery rally that has its first challenge at 85.00-87.50.A CLOSE below 75.
While both gold and GDX have seen very nice corrective bounces thus far, with GDX approaching the .764 retracement of its initial decline and gold approaching the .618 retracement of the same, silver has only mustered a move to the .382 retracement region. The question on my and everyone else’s mind is how do we read this? If I were looking at gold and GDX in a vacuum, I would be shorting the crap out of those two charts.
The market made a lower low into the close, which opens the door for a potential five-wave move to the downside per the yellow count. While we still need confirmation—specifically a corrective retrace higher followed by a break of the low, the setup now allows for the possibility of a substantial move lower in wave (iii) of the larger wave C.With that in mind, the structure of the next retracement higher will be very important to monitor in the days ahead.
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