BIDU Update

I've covered BIDU numerous times and what I believe is a large triangle top with a head fake move out side of the top, this sets up a high probability, low risk trade (short).

 The 5 day chart, a nice rally with a large triangle at the end, these triangle this big are almost never consolidations, but rather tops or if the preceding trend was down, bottoms.

 In yellow is the suspected head fake move out of the triangle, this tells longs that the triangle top is no longer in effect as a breakout, according to technical analysis dogma, nullifies the suspected top. However since the breakout, where is the follow through? BIDU has moved down a half a percent since the breakout, that's 3 trading weeks! From failed moves come fast moves, a move below the breakout area should set up a nice bull trap in the yellow box, that should snowball as longs take losses sending BIDU back inside the triangle and eventually breaking below the triangle.

 Intraday this small triangle (volume confirms) will look like a downside continuation triangle to technical traders, a break above the triangle will have them optimistic on BIDU and likely chasing a breakout as once again, a technical pattern seems to fail.

 The short term 3C chart seems to suggest some intraday accumulation inside the triangle for a break higher.

 The 60 min chart in BIDU has been negative for some time in the triangle and especially on the breakout.

Ideally I'd like to establish another longer term Put position in BIDU above $152, whether we can get there or not, I have no idea, it will largely be market and sector dependent, but I'll be looking for any strength to start adding to the position using the longest dated puts available.