the_get_man
Long

ALXN Bullish Put Sale On ABC Correction/50MA Retest

NASDAQ:ALXN   ALEXION PHARMACEUTICALS INC
30 0 1
Selling SeptWk1 126 puts for at least 1.50 premium

The setup is based on the break even point of the put sale so position size should be calculated based on this setup:
Trigger: 124.50
Stop: 124.00
Target: 137.17

I do not expect to own shares off this put sale--although I would like to own ALXN             at these levels--because I believe this is just a corrective pull back from the completion of a 5-wave             move. The reason my stop is so tight is because I believe there are 5 significant support levels above my stop increasing the likely hood of a bounce if I get put the shares. Those levels I believe are: 125.56, 125.32,124.92, 124.15, and the 50SMA.

If i were lucky enough to get put the shares and the a new low higher low was formed at or near one of the 5 support levels mentioned, then this trade would have the potential to be very profitable
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