AT&T has a nice head and shoulders topping formation as you can see the left shoulder as wave (iii), the head at (v) of ((iii)), and the right shoulder at (b). Now wave (c) of ((iv)) is underway and has hit the 23% Fibonacci level at $38.23, but it still has more selling to do. I'm projecting a drop to at least the 38% Fibonacci level at $37.31 for now. Here is what I traded it at yesterday:
Buy to Open T May 20 27/39 Put Vertical at $0.72
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