I think the hope with the big move up after the earnings surprise was that this stock would re-visit its former high and go well over $300. Given current market conditions and the bigger economic picture (including the Fed gradually reducing its stimulus), that doesn't look likely and NFLX is pulling back. A handful of "true believers" (like greeneggs) will still provide some resistance to the pace of its descent, but the bigger trend is down for the next few months.
I still think that we are not far from announcement about free streaming from MSFT, or AMZN, or Target, or Walmart or else. The price from Amazon now is very small and gives free delivery. They can as well make someone to make couple of purchases and get free streaming