BIDU 150 puts

Thursday's May BIDU 150 Puts were a bit further out, here's why...

 I have suspected this large triangle after an extended uptrend is a top formation.

 The daily 3C seems to confirm it with a leading negative divergence

 As does the daily Money Stream

 However, 80% of the time (conservatively speaking) we see head fake moves that cause longs to buy the breakout, which smart money can sell/short. We've already seen the confirmed reversal signal in the candlesticks.

 Support has been tested many times, I went with the longer dated May Puts here looking for the break of support at both levels, which would likely set up a snowball effect to the downside in BIDU.

 The 15 min 3C chart has been leading negative throughout the breakout, again, it looks like the typical head fake of a large top pattern.

Thus far very early, 3C is showing a little better then confirmation of the downside break and has a slight leading negative component to it. I'll be more patient with this one.