I tried getting out of this position Friday at $1.95 but it's not a very liquid option market and it didnt't execute. Price has hit my target area in my proprietary indicators so the short signal has ended even though the wave count suggests the decline is not complete. I want out and closed the position at $1.80 even though the stock will probably still drop to at least $30. Here is the trade result:
CTL put vertical May 20. 29/23 bought for $1.38 and sold for $1.80 for a 30% profit
See original trade setup here
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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.