Cboe Global Markets (NYSE:CBOE) is an equities, options and futures exchange operator in the US and Europe. The company traces its roots back to Chicago in 1973, when it practically invented options trading in its present form. CBOE is literally part of the very infrastructure of modern financial markets.
So it is not surprising that its business results have been consistently strong over the years. The company’s profits have been compounding at a 19.8% clip since 2006. Despite the current global crisis, or mainly because of it, 2020 is shaping up as another record year.
Yet, ignoring CBOE ‘s business resiliency, the company’s stock is still down 30% from its January 2018 high. The Elliott Wave chart below explains why that’s might be a good thing.
CBOE ‘s daily chart depicts the entire decline from $138.54 three years ago to $72 in March 2020. It looks like a simple A-B-C zigzag correction, where wave B is an (a)-(b)-(c) expanding flat. According to the theory, once a correction is over, the preceding trend resumes.CBOE Stock Chart
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