This one STILL appears to be in a wave 4 and should slowly grind higher... :-)
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This is what I will look for, to consider an unravel.. :-) Otherwise, IF WYNN trades sideways 2-3 more days and breaks down AGAIN, I'll unravel.. :-)
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Update on the unravel
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Update on the unravel... or defense of this spread
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Nice Retest gap today... Should have unraveled ON THE RETEST of the 5 min. But, with a WHOLE MONTH LEFT, if she takes out the LOD, I'll unravel. AND OR on Monday, I'll unravel if she retests... : )
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SO many updates on this trade!!! :-) I haven't unraveled this one yet. I knew I wouldn't be able to manage this morning (because of open house) and i don't do any unravels in the first 5 mins anyway.
At this point, new double bottom on hourly. Waiting a BIT longer to see how / if she retests and rolls over.
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Bought 177.50 short put for $9.00
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Sold to close the long puts. BIG WIN on... WYNN...