OPTIONS PLAY: LONG PUTS or sell calls. Entry: $108.97-$110.00 Target: $90. Keep an eye on the sub wave 1-2 extension at $110 at 3.0. A blow past the green zone will have to reconsider the count. Puts 2 months out, cant go tits up.
This is a close-up of the larger wave 3, see my long term chart for this.
The EW count suggests we are at the top here and about to hit the big ABC down to $90 where the 200 DMA and 618 of the fib retracement sits. Fib extensions shown to predict the end of wave 5, and has accurately predicted several of the wave counts before. All EW rules are obeyed and the standard impulse applies. The biggest question is the time factor. I imagine the B wave will be drawn out and a possible flat due to the volume profile and resistance we built on $100-$105. I will be looking to trade the $110-->~$100 swing, exiting and re-entering. for the big C. No stops identified, trade at your own risk.