In a recent stocks report, it was highlighted that Netflix (NFLX) was likely consolidating in wave 4, with the recent rally considered a wave B “sucker’s rally.” Support levels at 1060 and 1000 were mentioned, with resistance at 1260. The stock is still trading within the wave 4 correction, with supports and resistances holding as expected. Fibonacci numbers at 23.8% and 38.2% are being watched closely. Educational content on trading in proposed wave 4 correction and Fibonacci levels was also shared. Members can access free Elliott Wave reports at wavetraders.com.

Read more at Barchart: Consolidation Before The Next Breakout