NFLX continues downside trajectory to wave c ahead of FOMC 2/1
This update continues to build upon the idea published on 1/25/23. On 1/26 NFLX showed weakness around $370 as it refused to push higher. The initial short play was further endorsed by the bearish divergence on the hourly RSI below. Right now we expect NFLX to complete this (a,b,c)sequence down to $345 at the least. This should play out right before much anticipated FOMC on 2/1/23 which we have an overall bullish outlook for.
You may tend to see rather bullish pricecaction from the calls that could come in for the smaller b wave tomorrow 1/30
I will not partake in this move up but will rather wait for signs of weakness & rejection back to downside to complete the more aggressive c wave as listed on the chart.
Currently in the $362.50/360 Put Debit Spread Exp 2/3. I may re-enter for less outlay on any bounce up to $355+ tomorrow to target the $348 area for more efficient gain. Example being a $355/$352.50 Put Vertical exp 2/3 or 2/10
You may tend to see rather bullish pricecaction from the calls that could come in for the smaller b wave tomorrow 1/30
I will not partake in this move up but will rather wait for signs of weakness & rejection back to downside to complete the more aggressive c wave as listed on the chart.
Currently in the $362.50/360 Put Debit Spread Exp 2/3. I may re-enter for less outlay on any bounce up to $355+ tomorrow to target the $348 area for more efficient gain. Example being a $355/$352.50 Put Vertical exp 2/3 or 2/10
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