NFLX Building Selling Pressure from Buy Climax

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After a parabolic wedge and buy climax from July 18, the bears got a test of the start of the wedge in two legs down. This may end up becoming the first of a larger second leg down. Currently the bears have formed a double top bear flag and lower high. There is also a bear breakout gap around 392. The past few weeks and months have been in a tight trading range which is a sign of bull profit taking. There are open bull gaps below around 275 that will likely be tested. The bulls will look to form a double bottom around this higher low and form a large bull flag trading range. If instead the bears get a strong breakout below, we could see a test all the way down to the 200 start of the strong bull rally.

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