Could Netflix be over-valued?

Despite the higher than expected earnings, Netflix experienced a decline from 426 to 231 in 6 months, a drop of 45%. Since then the price bounced up and recently created an intraday new high to drop the day after more than 4%. This new high was inside the high probability area within the attractor, increasing the chances of a higher degree bearish scenario. Netflix tested the key level at 379 but was not strong enough to break it. Price action continue moving in non trend zone at daily range, with a high chance of being part of a higher degree correction if stays below the upper key level. The break of 264 confirms the bearish view and the break of 379 opens the next long term high.

Check the forecast evolution

Netflix could be over-valued? by TheFinancialForecast on TradingView.com

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