Bought PUTS yesterdays on ULTA because I knew I'd miss todays morning move to hit the 1.618 fib extension. Today should be the highest point ULTA will hit for some time. Price target was 511 and some change for the smaller 1.618 extension which began on Jan 18 '23 as well as the larger 1.618 fib extension which began on Dec. 8 '22 which were both hit this morning. Weekly RSI is at 80.53 and daily is 73.17 and starting to trend downward. Short term price target is 458 (.382 fib retracement) and long term price target of 427 (.618 fib retracement). Something to note is the downgrade to $400 by Wells Fargo earlier this month.
Not financial advice
Not financial advice