COCA-COLA Breakout To All Time Highs: Part 2

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When constructing your charts, always look left because structure leaves clues. If you saw my commentary on KO             before it went on to a series of all-time highs, I thought that KO             would break out of its extended trading range. It did indeed break out. So, what is a realistic expectation for profits? First, a Fibonacci extension . This will give you a good idea of where to sell your position. However - I would like to share with you an additional guide. In the chart above I have constructed a trading channel for the break out. Please note that the trading channel was measured and is the same distance of impulse leg X to A. Yesterday I sold my KO             August $43 calls (at this level, the end of the first trading channel), and I am waiting for a pull back and a re-test of $45.50 to $46.00. Yours for better trading, Don
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