NFLX Analysis and Forecast Review. Last price $320.54 05/08/2014

NFLX Analysis and Forecast Review. Last price $320.54  05/08/2014


Hi Everybody. In the previous analysis I recomended to buy the stock at 319 price level. Today I want to review this analysis. Despite the bounce the stock made the last week, the status of this stock has changed.
Let´s see the technicals.
THe MACD is below zero and very close to the signal. It´s probable it will cross the signal in a downtrend.
The RSI is at 40% with a flat pattern.
The stochastic is going down at 55% level.
The DMI: -DI= 36.47 +DI= 20.41
Let´s see the chart.

As you can see on the chart the price is running in a downtrend channel. I have noticed that the stock is now developing th 3rd Elliot wave in a downtrend serie. So it´s probable the price will go more lower in the next sesions.
I have established the buy range between 281 and 297.
Once the price has come to this levels I will recalculate the targets.
I recomend to wait. I am expecting a correction.

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