Tuesday July 18 2023
From its high around 160 x .618 = 98.8 CFR found support at the FIB .618 level.
It has now re traced to its support level of last year at this time around 110-115 That is resistance. MACD is much weaker which is what we would expect in a second wave.
The 50 week MA is bending down The next big move will likely be when the three MAs begin to converge.
NFLX lost 71% of its value in the first wave down from Nov 2021 to May 2022. As NFLX is one of the seven leaders driving the NASD, this may well be a portent of what to expect in the next wave down. 450 is 64% of 700 close enough for a FIB expectation.
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