Netflix has been in a clear and very technical downtrend since June, and the structure of this move is textbook. The price is effectively walking down the stairs, respecting horizontal levels with high precision. Each blue horizontal support was first broken, and then retested as resistance, with sellers stepping in consistently at those former supports. This kind of price action shows strong technical discipline and confirms that bears remain firmly in control.
Most recently, Netflix broke another key horizontal support, extending the bearish sequence. Importantly, the market has not yet performed the typical pullback to retest this broken level as resistance, but such a move is statistically very common. Until proven otherwise, this pending retest should be treated as a selling opportunity rather than a sign of strength. The overall structure remains heavy, and buyers have not shown any meaningful ability to reclaim lost ground.
From a pattern perspective, Netflix escaped from the descending triangle, with a flat blue horizontal base and a declining green dynamic resistance. The downside break from this structure reinforces the bearish outlook. As long as price remains below the broken support, the probability favors continuation lower, with the next major target at the lows from the first half of the year, marked in orange around $85. Given the clean technical behavior so far, the chances of reaching that zone remain quite high.