Well I didn't even have the chance to post the trade setup before this bad boy plummeted to near my target area. I mentioned that I went short in a quick post, but I did not detail the chart or trade. I still anticipate it falling further to $51.40 but when trading options I do not want to waste a sharp move in my direction that comes this close to my target. So I closed the position at a 35% profit. Here was the trade:
Buy to Open VZ May 20 50/55 Put Vertical @ $1.88, then sold today at $2.53
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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.