AT&T (T) has had a nice sharp decline close ti my target price so I closed the position at a respectable 24% profit. It will likely continue lower to the 38% Fibonacci retracement level at $37.31 over the next few days but I will take my profits and run on a sharp decline like I got over the past three days. Here is the trade summary:
Bought T put vertical May 20 27/39 at $0.72 and sold at $0.90 for 25% profit.
See original post with 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.