NFLX - Last man standing

has been one of the only, if not the only, big tech names holding relatively well during this bear market but even the best names can't go forever against the trend.

We seem to have reached the breaking point for this one as a double top short setup is currently unfolding.

I'd like to see a drop below $977 to increase my conviction and look to add to my short position.
Stops are clear at $1003 and/or $1018 depending on your position sizing and risk appetite.

I'm willing to keep this position open for at least a few days if it starts to go lower aggressively from here.

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On a more general note, as I said on my previous post, we're still in a bear market and nothing points towards a change of trend for now. With Gold still being the only real safe haven

So, don't try to be a hero and go against the trend with any long positions! Especially not on borrowed money (leverage) !!!

It's difficult and very risky to try and catch bottoms and for now especially it's not happening if all the talking heads on CNBC and co. are calling it.

continues to be the only safe haven, and contrary to again the talking heads, it seems to me that it can still go higher, thus stocks will continue even lower !

Trade active

Use smaller timeframes, like the 5min, to try and find a low risk entry !

Note

ElliottWaveBelgium

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by ElliottWaveBelgium

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ElliottWaveBelgium

Don't forget to like, share and follow !

Questions? Chat or Comment on Ideas

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