MSFT: Rising Wedge + Bearish Divergence
Looking for a reset on MSFT after hitting ATHs. I see a rising wedge as well as a bearish divergence so I'm leaning towards a drop to support at $111 in the coming week or two.
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Break in progress, am in Oct 12 144 puts
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Out of Oct 144P for a 50% gain from $1 to $1.50
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I think we should head up for a B wave targeting around $114 for a 50% retracement of the move down. Then C down to $111.
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$111 target hit. Highest we got was $113 before turning down again. I would not go long here until we see a broader market reversal.