The TGT puts were up about 90% a week ago, only up about 20% today, so if using a 50% trailing stop the position should have been exited with about a +40% gain. The chart indicates that it was an extended Wave ii retracement that caused the stop to get triggered, but it also suggests another entry to the short side may be imminent: TGT A breakdown now below the shaded Fib retracement zone, below $160.00, would strongly suggest a fresh leg down is beginning, targeting (so to speak) a quick wave iii of 3 drop to $150 or below. If still holding the puts, or any portion thereof, do nothing and await the collapse. If Wave ii looks to be extending higher by reaching above $165, exit. If completely out, consider a small position on a breakdown of $160 in the days ahead. In other words, above $165 bullish, below $160 bearish. TGT Jun $150P Initial April 22 Trade
