Wednesday, August 24, 2016

Elliott Wave Stock Signals - Shorting UFPI

Shorting UFPI

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.

1 comment:

T J33A said...

Nice call indeed.

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