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CBOE shares look good after record year

CBOE Global Markets Inc. – the operator of the stock exchange, options and futures in the United States and Europe. The company traces its roots to Chicago in 1973, when it practically invented options trading as it stands today. CBOE is literally part of the very infrastructure of modern financial markets. It is therefore not surprising that his business results have been consistently strong over the years. The company’s profit since 2006 has grown by 19.8%. Despite, or mainly because of, the current global crisis, 2020 will be another record year. However, ignoring the resilience of the CBOE business, the company’s stock is still 30% below its January 2018 peak. The Elliott Wave chart below explains why this might be a good thing.
The daily CBOE chart shows a complete decline from $ 138.54 three years ago to $ 72 in March 2020. This is similar to a simple ABC zigzag correction where wave B is an expanding flat (a) – (b) – ©. According to the theory, after the completion of the correction, the previous trend resumes. CBOE shares were clearly trending upward through 2018. This means that if this count is correct, the bulls can be expected to gain the upper hand again. Whether it’s a new uptrend or part of yet another three-wave sequence, the price is likely to approach $ 130 from here. In today’s turbulent environment, where everything seems to be pumped to the limit, CBOE is one of the few stocks at a reasonable price. In our opinion, the fact that it has dropped 30% over the past three years gives investors a good buying opportunity.

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