Here comes the long-awaited pullback in Netflix (NFLX) - Get Report .

Netflix is a stock that's showing cracks after a strong start to 2017 - shares are up more than 20%, but they're teetering on the edge of a breakdown here. The price chart is showing off a clear example of a head-and-shoulders pattern. For this stock, the breakdown level to watch is support down at $145.

An early warning of sorts for Netflix was the uptrend that had been propelling shares higher since December's lows -- that trend line was violated at the end of June, and shares have effectively continued to sell off without a break since that move occurred. That change in trend could potentially add to the downside potential of the pattern that triggers below $145 in Netflix.

At this point, Netflix's fate isn't sealed -- but shares are very close to triggering a sell.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.