NFLX - big drop coming?

With the main equity indexes falling below key support, Netflix (NFLX) was part of the carnage, falling 3.2% @ $253. First support is the 50 day MA at $238, but if the main markets are weak into September, NFLX could fall all the way down to the $170s  where the 200 day MA lurks.


NFLX, daily

Summary

We have a very clear large bear flag on the daily charts, spanning the past 3 weeks.

If NFLX can put in a few daily closes in the mid $230s or lower, then <$200 looks very viable this September.

A capitulation floor in the $170s - where an obvious huge price gap is - along with the 200 day MA, would make for a very reasonable long-entry level.