Thursday, June 16, 2016

Elliott Wave Options Signals - Short OKE and JCI

Elliott Wave Options Signals - Short JCI

ONEOK Inc. (OKE) has been on a monster bull run but price action, the wave count, and my custom indicators are telling me that a pullback in on the horizon.  Since the ((iv)) bottom, wave ((v)) of 5 has push price significantly higher, but in a much more choppy manner.  In addition, price appears to be rolling over in conjunction with a confirmed sell signal on my custom indicators.  I think a decline to around the $40 is in the cards in the next few weeks.  Here is the trade.

Buy to open OKE  July 15  40/45 put spread for $1.43


Elliott Wave Options Signals - Short OKE

Johnson Controls Inc. (JCI) has also been on a monster bull run.  But price action, momentum, the wave count, and my custom indicators, all suggest at least a short term top and pull back is imminent.  It appears the move will be a Minor wave 2 which means it should be a sharp and deep affair.  I'm targeting the 61% Fibonacci retracement level around $62 for now.  Here's the trade:

Buy to open JCI  July 15  41/45 put spread for $1.25


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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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