Friday, July 1, 2016

Elliott Wave Option Signals - Short NVDA

Elliott Wave Option Signals

NVIDIA (NVDA) is in the middle of a major bull run that should last several months if not years.  However, the shorter term picture shows an Intermediate degree wave (1) ending, and a wave (2) in the works.  More importantly, and more desirable, is that a Minor wave C down is about to get underway.  C waves are third waves and so they are impulsive and very strong.  I expect this stock fall around the 50% Fibonacci retracement level at $41.47 before looking for any meaningful bottom.  Here is my short trade:

Buy to open NVDA Aug  40/47 put spread for $2.09

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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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