Chart of the day

NFLX is in the rising wedge just below 500 most important resistance. A break above this resistance is required for an upside continuation and a test of the more important 520 level.

Only a clear confirmed break above 520 will invalidate the downside reversal. A confirmed break below the 420 level will mean that we will have a new swing lower. The short-term triangle downside resistance line has been formed and a break below 470 will lead to my downside scenario.

Short-term short trades could be opened here with a stop loss above 520. Long trades should be opened only upon a confirmed break above 500. I am inclined to see an extension lower to 418 for a test of key support.