Last week’s waft maxed out the pattern shown, nearly touching a potentially important D target at 176.52. The actual high at 176.39 fell just 13 cents shy. We bought some 2 June 165 puts at or very near the low of the day just in case, but don’t get your hopes too high. Because the pattern has taken more than four months to play out, we might expect a pullback of at least a few weeks’ duration to give buyers a rest. However, they will be tempted in any event to push past the resistance in order to to take on three formidable ‘external’ peaks recorded, respectively, at 176.15, 179.81, and 182.94, the all-time high notched in January 2022. Anything above that would still beckon caution, since there is a Hidden Pivot resistance to overcome at 184.96 with some stopping power. What a head-fake that would be!  The stock will be easily shortable if it moves into the midst of the prior peaks listed above. Since subscribers seem not to trade the stock, you’ll need to nudge me in the chat room for timely guidance. Meanwhile, offer half of the puts to close for twice what you paid for them. ______ |UPDATE (May 23, 6:28 p.m.): The puts doubled to 0.57 today as the stock’s downtrend lengthened, so you should have cashed out half of the position to leave you with no skin in the game. There was a raucous cavalcade of buyers in the chat room on Friday when the 0.28 bid I’d advised caught the lowest price ever paid for the 2 June 165 puts. Today, however, only one subscriber seemed to have noticed that the puts were on the move. I suggested keeping 25% of the position for a bigger win than you might currently imagine is possible.