Linkedin fell off a cliff a few weeks ago and was met with heavy volume and at least a temporary
bottom. After correcting higher it has traversed sideways and into a buy signal on my proprietary indicators. I don't like to go into a trade just based on the signal, I need the wave count and price action to support the signal. Up until today, LNKD showed more weakness relative to the rest of the market until today where it has popped and held at a 2.5% rally. I like this price action now and the wave count suggesting an impulsive wave C higher. from current levels
Using the Fibonacci retracement of wave (3) and the ratio analysis of wave A, I project move to the confluence of resistance at $136-$159. I want enter only half of my normal position size in case save B down unfolds a little further so I can add to my position at a better price later. Here is my trade:
Buy April 29 112 Call at -$8.80
Sell April 29 132 Call at +$2.04
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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.
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