Within a 15 month period, Lehman has declined 180% in a seemingly truncated 5-wave Elliot formation. A fifth-wave in an impulsive pattern that fails to exceed the price extreme of the third-wave implies a weakening trend signalling a reversal; comparable to a bullish double-bottom formation. Put activity is resembling the trading in Bear Stearns options on March 14, the last trading day before being acquired by JPMorgan: http://www.reuters.com/article/fundsFundsNews/idUSN0338720920080603
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