BY LICIA LESLIE
December 3, 2023
Hi Shoppers,
The formula for the head and shoulders target is the head less the neckline added to the neckline.
In the case of the head and shoulders bottom formed in the Ishares Russell 2000 Index (Ticker: IWM) that would be:
176 -162 = 14
176 + 14 = 190
We can use the less expensive etf Direxion Small Cap Bull 3x (Ticker: TNA) to shop for calls.
I like the Dec15 calls:
The 31/35 call vertical for around $1.20 looks good to me.
Don’t forget to sign up for Andrew’s live gig on Wednesday night at 6 ET.
Hope to see you there.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
See what's hot at option pit
CAPITOL GAINS: SMR Aug16 7 call closed for a 150% gain
DELTA STRIKE: VLY Mar15 8 puts closed for a 88% gain
PFE May17 26 calls closed for a 66% win
OP MENTORING: SPY Mar22/19 510 put calendars and 520 calls for 6.4% gain
OPTION SHOPPER: ERX Mar28 65 calls closed for a 90% gain