NFLX headed down - how much?

Recent few weeks have been disastrous for NFLX. With the peak of around $300 , the stock is down almost 50% in 2- 3 months. Competition and recent pricing of its DVD rental are two main reasons in additions to the recent pull back in the market.

I had previously written about NFLX when it was heading towards in my NFLX technical analysis blog I had written that the stock was in overbought range but never saw such a downturn.

Here is a chart from MarketClub with the fibonacci analysis of the stock since its major bull run since January 2010. Question is how low can this stock go?


Fibonacci suggests around $140 range. What do you think?

Disclosure: I am long NFLX.