Ever since it hit a high of 701.0 back in November 2021, Netflix has fallen dramatically to trade at 162.71, its lowest level since August 2017. Looking at the daily chart, a clear 5-wave decline can be seen, pointing to an imminent correction. While we do not rule out small losses still, we recommend to go long at market with a stop at 124.0, targeting 280.0, the 50% retracement of the 5th wave.