Aug. 22 at 6:52 PM
$NFLX After earnings got it hammered, I initially mapped a Head & Shoulders breakdown... and with the neckline giving way, lower seemed the highest probability path.
That breakdown setup was clearly invalidated. Price flushed briefly, tagged the exact midpoint of that
$58.64–
$70.12 support shelf, and reclaimed the descending neckline with authority. While the intermediate structure has carved lower highs and lower lows off the highs, ignoring multi-year structural support is how accounts get caught offsides.
That said... after a 22% post-ER rip, combined with Ackman and 13F headlines, it doesn't mean I'm chasing it here. I'd want to see how price handles a backtest of this reclaimed level before jumping in with both feet. Trade the price structure on your screen and manage risk against key horizontal levels. Staying neutral for now.
