Rising Wedge + Simple ABC Correction + Support + Bullish Momentum
ULTA continues to rise in Bullish Channel (Rising Wedge) in anticipation of earnings. 2 Long wick rejections of Support and 14EMA (PivotPoint imperfect rejection) show that we have completed C wave and look for an expected move to wave D target of 228.87.
Options Trade: 5/29 230c (Sell right before Earnings)
ULTA continues to rise in Bullish Channel (Rising Wedge) in anticipation of earnings. 2 Long wick rejections of Support and 14EMA (PivotPoint imperfect rejection) show that we have completed C wave and look for an expected move to wave D target of 228.87.
Options Trade: 5/29 230c (Sell right before Earnings)