Bullish Head'n'Shoulders Complemeted By Wave 3 Break Out

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Celg             has come out with a bunch of bullish news including new drug approvals in Europe and a recent earnings report blowing past expectations.

I figured CELG             was on the way up about about a couple weeks ago when I drew the wave count. I made some good premium selling some way out of the money puts but was really hoping to catch the wave 2 correction at the .5 Fib retracement level. It came close but not close enough to trigger.

My current plan is to sell some AUG16 108 puts for 1.70 premium and set my stop below the top of wave 1 (A wave count rule that will dismiss my wave count and tell me how wrong I am anyway).

The reason I chose 108 is because it is the neckline of the Inverse-Head-&-Shoulders pattern and I expect a retest of this level. A retest of this level will confirm my wave count and also put me the shares (Boom and Boom).

With this setup:
Trigger: 106.30 (strike - premium)
Stop: 104.94
Target: 122.20 ( Next available top)
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