Universal Forest Products Inc. has had a hell of a run but is now stalling in a 4th wave correction. The test of the recent highs does not deter me, and I feel actually presents a nice shorting opportunity. Wave (4) is unfolding in a double combination correct with a target of $97, although I will probably get out closer to $100. Here is the trade:
Buy UFPI Oct 21 110/95 put spread at $4.97
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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.