Monday, April 11, 2016

Elliott Wave Options Signals - CTL CenturyLink

Elliott Wave Options Signals - CTL CenturyLink

CenturyLink (CTL) confirmed a bearish signal on my proprietary indicator with it's close today.  This fits well with a sharp move lower with the rest of the stock market.  With CTL, I am projecting a Minor wave C drop to at least the 23% Fibonacci retracement at $29.78 in what is an ABC Flat Correction since wave B exceeded the start of wave A.  Typically, in Flat Corrections, wave C will break just a little below wave A before completing.  This is why I don't think the correction will go much deeper than the 23% Fibo retracement.  Here is my trade:

Buy to opn CTL May 20  29/33 Put Vertical at $1.38.


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