Looks like using Fib, we can see it hit those fib levels on the way down at 38.22, 30.51, 27.33 and 23.4 level. Usually with these many drops, there will be a high probability of reversal back up to the upside Now, looking back at what happened in November 2017, it looks like we had a similar drop. History may repeat itself so we will see what happens. When you look back, we had a similar fib but this current fib has a way bigger massive downside than the on in November 2017. There is a chance it could go down to 17 dollars too but the chances of that is not as high as it would do a bounce upwards. There is no new news in the industry, so basically people are going to trade by technicals and their perception of future earnings in the industry at this point forward until some big company deal, earnings report and/or government headlines pushing it in some other long term fundamental position. Disclosure: I don't own the stock but have a put left which I may sell soon for a profit.

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Thanks for the chart. I'm just looking back the last few days. You were dead on
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Timely post. Had put, sold put. Pondering call entry.
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cannukville recipedude
@recipedude, if one really wants to enter the market now, one could buy the stock and buy a cheap one to two month expiry put as insurance. Yes, could buy a call but that is a lot of risk, can you stomach it if it does go down? Another way is to buy the stock, buy a put then write a put to expiry a month from now hoping no one exercises you to collect some money if it seems like the market will go up.
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recipedude cannukville
@cannukville, thanks for the idea buy + put + put write - would be more comfortable @$16 ish :) Only pondering call for short-term bounce whilst guessing we'll be seeing some further downside. Looks like it'll be gap down opening @$22 today - curious if it'll bounce off the psych $20
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