Netflix $NFLX has been in correction mode apparently since cracking $420 back in June and July. After a double top (seen in the daily chart), we can see that price action has now completed an ABC correction where wave C = wave A in length. Netflix (NFLX) Daily Chart(click to enlarge)Bearish Correction:- It is obvious by now that NFLX is in a significant correction mode. - Price has fallen below the key moving averages.- The RSI has fallen under 30, and since held under 60, which reflects maintenance of the bearish momentum. Support?- But after a 30-35% correction since mid-year, the previous support pivot above $270 might hold in the short-term.- We should probably anticipate some bounce back towards $300, where we should then anticipate resistance. Above $300, the next key resistance will be $340. - During this correction mode, I don't think price can climb back above $340. - If price does climb back above $340, we might be able to assess the $270 area as the bottom of the current consolidation.