Someone shared this chart and caught my attention. I do agree with his formation and see an upcoming drop. I started a pos with $220 PUT 10/19, 8.78 avg. May add more into my position since this can continue to go up until mid-August - worst case scenario.
Certainly a good company but I agree with the short position for a different reason. I'm looking at the 6-month chart and there is clear RSI/Price divergence (Bearish) Beginning on July 13th. I like the Idea of buying puts a few months out though. With the chart you used though, isn't the ascending triangle generally a bullish breakout if you're looking at the mid-August crossing? After it breaks, wouldn't it generally continue its trend? Just a thought