WYNN has traded below $88 twice today, but both times rising back above. Further framing the entry to this trade is price breaking down through the trend channel shown on this chart. If the stock starts accelerating down, it's ok to enter early. Otherwise, wait until it becomes clearer that the stock will close below $88 and thus below the trend channel. That may not occur until late in the trading session. We cannot discount the possibility that price will make one more run toward top of the channel. Breaking hard down below the channel virtually eliminates that potential. One change on the recommended option: August expiration was added to WYNN options today, so we now have a choice between August and September. I like them both, so either one will do for this trade.
