Elliott Wave Futures Signals - S&P Index Futures

I am a bit unclear on the S&Ps as they do not have a nice wave count and price structure that fit well with my wave count to be honest.  I do feel in the short term, the market still has some pullback to do, perhaps to the 38% or 50% Fibonacci retracement levels before launching to the upside again.  There is still a large disparity between bearish signals and bullish signals in the market based on my custom indicators, with 92 stocks bearish and only 3 stocks bullish.  So I don't think the bearish pressure has been alleviated yet, so I still think there's room to the downside.  And if you want to keep it simple, the series of lower lows and lower highs the past couple weeks remains intact.  Until that is broken, we should be looking for lower levels in the short term.

One note: Friday, the stock market closed very bearish according to my custom indicators, despite a strong bullish move at the end of the day.  There is heavy bearish pressure on the market, despite such a modest rally, and I feel that will resolve itself on Monday with a sharp shot lower fairly early on.

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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 Option Signals - Short LQD and RPM

The investment grade corporate bond ETF (LQD) has had an extraordinary run the past several weeks.  But that run is now faltering and has triggered, and confirmed, a bearish signal on my custom indicators.  The wave count suggests a 5 wave rally is complete, and that a sharp wave ((c)) down is on its way.  I am targeting $118.60 as it is targeting the area of the previous 4th wave, and is also 23% Fibonacci retracement.  It can certainly far much further than that considering the huge run it has had the past several weeks, but trading discipline will have me stick to my strategy, which works, and the target is the $118.60 level.  Here is my trade:

Bought LQD put vertical spread June 17  117/120 at $0.94

RPM International Inc. has also had a nice run, almost a straight line rally as a matter of fact.  But you can see that the rally is now faltering and due for a correction.  This stock triggered a short signal which was confirmed by my custom proprietary indicators along with showing a 5 wave rally complete.  This stock should continue lower in wave ((c)) towards $48.10, and probably at least break $48.00 before I will exit.  There is no desirable spread strategy here so I'm going with a single put only.  Here is my trade:

Bought RPM put single June 17 at 50 for $1.50 (added entry price late) 


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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 Option Signals - Closed MSI for a 102% Profit

Motorola tanked hard at the open after a poor earnings report last night. I exited the trade at the open since it well exceeded my target level when it was down almost 6% and I didnt want it to whilsaw to the upside like my MIK position did. But MSI continued lower towards -10% before find a floor.  Regardless, it exceeded my profit target and me a nice 102% profit.  Here is the trade summary:

MSI June 17. 67.5/75 put vertical bought at $2.24 and sold at $4.52 for 102% profit

See original post with trade setup 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 Options Signals - Went Short EXP, ALB and MIK Today

I like three wave counts that were accompanied by confirmed short signals today.  Below is the list of the charts and trades I made:

Bought to open ALB June 17  60/67.5 put spread at $2.54

Bought to open EXP June 17  65/75 put spread at $3.47

Bought to open MIK June 17  30 put single at $2.00


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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 Forex Signals - Closed GBPCAD long for 337 Pip Profit

GBPCAD Rallied nicely since I hit a long trade on the pair. The signal was from a daily chart so the stop was wide, and therefore I only took on half a position size on the trade.  Regardless, I closed it today at a 337 pip profit. It will probably continue towards my initial target around 1.8700 but I am good taking profits right now before the Asian and London sessions get under way and pose a risk of a sharp downward reversal eroding the profits I already obtained.  Here is the trade summary:

Half long at 1.8318, closed at 1.8655 for 337 pip profit

See original post with trade setup 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 Option Signals - Short ACN

Accenture PLC (ACN) is correcting a large 5 wave rally in wave (2).  The correction should be in wave C, which is a strong impulsive wave.  I expect it to take this stock to the previous 4th wave and Fibonacci retracement level at $107.  Here is my trade:

Buy to open ACN June 17  105/115 put vertical for $2.95

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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 Option Signals - Closed CTL for 30% Profit

I tried getting out of this position Friday at $1.95 but it's not a very liquid option market and it didnt't execute. Price has hit my target area in my proprietary indicators so the short signal has ended even though the wave count suggests the decline is not complete. I want out and closed the position at $1.80 even though the stock will probably still drop to at least $30.  Here is the trade result:

CTL put vertical May 20. 29/23 bought for $1.38 and sold for $1.80 for a 30% profit

See original trade setup 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.