Thursday, April 14, 2016

Elliott Wave Options Signals - Shorting Sysco (SYY)

Shorting Sysco (SYY)

Sysco (SYY) has some weak price actions since launching on this wave 3 rally on big volume.  It has been chopping higher and rolling over for weeks and has now confirmed a sell signal on my proprietary indicators.  The wave count is also complete and we should see price decline to the lower channel and 38% Fibonacci retracement around $35.  Here is the trade:

Buy to open SYY May 20. 44/47 Put Vertical @ $0.90

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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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