Last month, I was anticipating a bullish breakout in Netflix $NFLX to open up the $400 and $423 area. I was wrong because the general market contraction in May pulled Netflix back and into a period of bearish correction.Netflix (NFLX) - $380 Resistance Likely to Break; Price to Open up $400, $423NFLX Daily Chart(click to enlarge)Bearish Correction:- As we can see on the daily chart, price is retreating sharply. - After a couple sessions of rebound last week, price found resistance at $360, which suggests bears are in charge.- The $340 area has been support since February, but I don't think it will hold this time.- Instead, I think price will fall back to the $315-$320 area, which is a key support pivot area. - I will be considering an entry here around $320, especially if there is a bullish divergence between price and the RSI.