The second fib retracement from the July 17 low to the Aug 17 high has now found support a the 61.8 retracement level on Thursday and Friday of this past week.
I believe 1 of 2 things will happen this week.
1. We consolidate in this range for a week or so and push lower.
2. We have a continuation lower or a dead cat bounce higher.
If i was to play BIDU this week I would look at the weekly $115 straddle for $5.17. The implied volatility is around 40% currently.
Carlo McDonald I am currently a Networking Engineer in North Carolina by way of Tampa Florida. I have a passion for the markets just trying to grow and expand my knowledge daily.