$NFLX has been in a “Go” trend since October of last year.
At the beginning of this year we saw price in a prolonged period of reduced volatility as price moved sideways following a Go Countertrend Correction Icon (red arrow) on December 20th of last year. GoNoGo Trend even painted an amber “Go Fish” bar as the market showed some uncertainty in the trend. During that time, GoNoGo Oscillator rode the zero line and we saw a Max GoNoGo Squeeze that was eventually broken to the upside. As the oscillator burst out of the Squeeze on heavy volume we saw price gap higher and hit new highs. Now, we are at another inflection point. GoNoGo Trend has shown that the trend is weakening with paler aqua bars. This comes after a Go Countertrend Correction Icon (red arrow) on February 6th which warned us that price may struggle to go higher in the short term. At the same time, GoNoGo Oscillator has fallen to test the zero line from above. We will watch to see if it finds support again at this level. If the “Go” trend is to remain healthy, we would like to see the Oscillator rally back into positive territory which would tell us that momentum is resurgent in the direction of the underlying “Go” trend. We would then look for price to make an attempt at a new higher high.
