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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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.