Elliott Wave Options Signals - Closed HRB at 59% Profit

I did not get to post a chart of this trade signal on HRB (H&R Block, Inc.) at the time I posted it on the blog since I was on travel during that time. But here is the chart I had that initiated the trade. A temporary bottom appeared to be in place for the tax prep service as it headed into earnings. I was able to capitalize on this with a call spread for a nice 59% profit. I still think it will float higher to close a gap and get to the 50% Fibonacci retracement level until its earnings call next week. But I'm not confident in the stock market as a whole holding up during that time and a decline in the market will put lressure on this stock.  So I took profits.  Here is the trade summary:

Closed HRB June 17. 20/23 call vertical at $1.59 for 59% profit. See original trade signal here.

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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.

Elliott Wave S&P Futures

He market hasn't done much to prompt any trades so I have been quietly and patiently waiting for the imminent decline I called for last week. Bearish signals are still in place and remain unresolved so I'm looking for lower levels in the upcoming weeks. I'm looking for an initial decline to a confluence of support at 2033-2050 before any meaningful and sustained bullish action should ensue.

Please support the blog and like this post :-)

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.