$ULTI The Ultimate Software Group - possible Elliott waves on the weekly chart showing another leg down likely in medium term. HCM software a highly competitive space with some other major players, ULTI margins are already not the greatest. Targeting $220 (possibly lower) by February.
Note: Informational analysis, not investment advice.
ULTI seems forming a bear flag & seems link we have flag breakdown. At the formation of Flag it can decline to 193' Lower then expected earning release also giving us further confirmation for decline.
We would consider October $195 Puts (Currently $5.4), or October 180 Puts - (Currently $2.2)