EWZ Strangle

My second trade was set for Aug today, I like trading EWZ and even though IV is not as high this month as it was last month I still think more IV could potential come out. Looking at the chart I feel the up-side might prove to be the path of most resistance. I can see multiple areas that we could potential have a harder time going up then we do going down. But I think we have limited down side risk, meaning I still think we could go lower, but if we do we will see support come in at 47 and or 46. I typically like to sell richer IV, but with IV on EWZ around 32, to me thats mid range for IV.

 

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