Thursday, April 7, 2016

Elliott Wave Options Signals - Closing ANF at a 27% Profit in Just a Couple of Days

ANF has declined significantly this morning and into my target zone.  It did not reach the full potential I see it reaching but it is close enough that with option positions I don't want to waste a good sharp move like this so I'm taking profits.  

I bought the put spread at $1.31 and just sold it for $1.66 for a 27% profit in just a couple days.

HERE IS THE ORIGINAL TRADE SETUP:

Elliott Wave Options Signals - ANF Put Spread

I went short Abercrombie and Fitch two days ago and it has paid off so far.  Although it has sold off two days in a row so far, I still expect a few more percentage points decline to the $29.20 area of the 38% Fibonacci retracement of wave 1.  Here is my trade from two days ago:

Buy to Open ANF May 20  27/30 Put Vertical @ $1.31

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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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