Gain of 138% on MGM ... so far
The initial down leg in MGM was traded with a 4/18, 26.00 Put for a modest gain of 138%.
The put was opened within the first three minutes of trade (as prices were rising to close the opening gap) on Tuesday, the 9th and then closed out yesterday when it became clear there was no more immediate downside action.
Now, we’re anticipating a continuation of the corrective move to complete an a‑b‑c pattern as shown in the chart
The forecast move for the “c” wave is somewhere around 27.00; what’s not known, is if or when price action will reach this level.
Although this particular trade activity is taking place intra-day, the markets are fractal. The technique being used is applicable on all time-frames. MGM itself is dictating the appropriate action(s).
MGM Reversal Today?
MGM is at a juncture where it may reverse.
A new daily low would point probabilities to the downside and help to confirm the right side channel contact.
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