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
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
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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