More room to drop :: InvestMacro

“It doubled eleven times in 19 years…and then was cut in half twice”

by Elliot Wave International

The glory days of at least one of the FAANG stocks seem to be over – at least for now.

With Netflix shrinking revenue, more bosses are starting the subscription-based movie and TV show streaming service.

Variety 23 June headline says:

Netflix begins second round of layoffs, 300 positions cut

About a month ago, about 150 employees were laid off.

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The layoffs also occur amid a downturn in the company’s share price.

mayo Elliot Wave Nazera monthly publication providing analysis of financial markets and cultural trends, while providing this attractive outline and perspective:

Netflix is ​​down 70% from its height. Many people think it can’t go down. Is this an indication that stocks are approaching a major bottom?

[The chart] Displays the stock price history. From a low of $0.35 in 2002, Netflix has doubled eleven times in 19 years to reach 700.99. Since then, it has been cut in half twice. There is definitely room for more halvings. If you want to monitor the parameters they are: 700.99, 350.50, 175.25, 87.62, 43.81, 21.91, 10.95, 5.48, 2.74, 1.37, 0.68 and 0.34.

Keep in mind that this is a picture of a stock that has been showing a strong drop since November 2021. Many stocks are still close to highs and have much more room to go down than Netflix.

Since the end of the first quarter alone, Netflix stock is down 53% at $176.32, as of this writing, June 29.

The Elliott Wave Theorist. Elliott wave theorist It also keeps subscribers informed of the big picture of the stock market and they just know it Most investors have no idea what to expect in the future.

Yes, the Elliott wave structure of the major US stock indices sends a Clear And an ominous message.

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This article was published by Elliott Wave International and was originally published with the headline Netflix: More room to drop. EWI is the world’s largest market forecasting company. Its staff of full-time analysts led by Certified Market Technician Robert Prechter provides 24-hour market analysis to institutions and private investors around the world.

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