Tyson (TSN) dropped heavy yesterday and followed through with more this morning. It has reached my initial target area so I closed the position at a 34% profit:
Bought at $3.75 and sold at $5.03 = +$1.28, or +34%
Here is the original post with the trade set up:
Tyson Foods (TSN) has a really nice setup here for a large gain. You can see the labored action in wave 5, similar to an ending diagonal, which means a sharp shot downward could be coming soon. This would also be a second wave in wave (2) which also lends itself to a sharp move lower. I'm targeting the $62.50 area which would bring about a an 85% gain if I wait until expiration, which I probably won't. Regardless, if price hits there sooner I wills till be looking at a 35%-60% profit sometime in April. Here's the exact trade:
Buy to Open TSN May 20 60/70 Put
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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.