Sysco (SYY) spiked down today and had some more follow-through into the close so I set a limit order off the current mid price at $1.25 to see if it would fill and it did so just a few minutes before the market closed. It is close enough to my target and a confluence of indicators to take profits, so I did. Notice how price is approaching both channel support, and the 38% Fibonacci retracement at $44.65. Plus, wave 4 is getting very close to the price territory of wave 1, which cannot have any overlap. So the decline here may be limited. Here is the trade summary:
Bought SYY put vertical May 20 44/47 at $0.90 sold at $1.25 for 39% profit.
See post with original trade setup: click here
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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.