Thursday, April 7, 2016

Elliott Wave Options Signals - Closing KORS Put Spread at 31% Profit

Elliott Wave Options Signals - KORS

Michael Kors (KORS) had a sharp reversal after wave B completed and is now in a Minor wave C of (2).  Overall the trend in this stock is bullish so I don't want to get greedy here.  With over 4% down today, and reacing 50% Fibonacci retracement of wave (1), I'm more than happy to take a 31% profit and walk away.  Here was the trade:

Entered Put Spread at $1.65 and just closed it at $2.16.


HERE IS THE ORIGINAL TRADE SETUP:


Elliott Wave Option Signals - KORS Short

KORS has formed a short term too that should see the retailer drop to at least the $51.50 - $51.75 area before resuming its uptrend.  I placed a put spread in for this trade and here are the details:

Sell May 50 Put
Buy May 55.5 Put
Limit price of $1.65 per contract

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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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