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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