TextBook LowRisk-HighReward Trade with Massive Upside Potential

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Biotech is looking like it found a bottom especially the blue chips.

Celgene             has some $95 puts expiring next month for a premium of $1.30. That means that by selling these puts we can get put the shares just above the 52-week low if we were lucky enough. S&P             has a 12-month target of $160. I would love to own shares of CELG             near the 52-week low so i will sell some Aug Puts.

Next, if this is the bottom and Celgene             is done testing the bottom for a 3rd and final time due to Brexit, then I think this is the beginning off a bullish 5 Elliot wave move. If this is true then I will try to catch the 50% retracement .

Trigger: 102:20; Stop: 97.91.

If Celgene             can make this 5 wave move up I will probably hold the stock and sell calls due to the premium of the options and see if $160 is actually plausible.
Trade closed: target reached: The Put Sale Triggered at 1.55 and over 1.00 of of premium evaporated making this a solid win. The 50% entrancement target was never hit but with the Put sale I was still able to win on this trade
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