Trade Idea: GLD PUTS

I'm getting some GLD March $122-$124 or thereabouts PUT Tickers ready in case we get an opening. I'll likely do the same with HYG except they'd be in the money March Calls as they'd be likely to move up if gold moves down.

Here's why I'm waiting and why I'm leaning toward Gold puts. Remember gold has been trading opposite the market so if we get a market bounce, gold should see downside and thus puts would be my tool of choice, although a gold short or a leveraged ETF would work as well.

 YG (gold futures) 5 min are negative on this gold bounce, this leads me to believe it will see near term downside, for a quick trade I'd prefer leverage so that's why I lean toward puts.

YG 15 min shows a negative divegrence in 3C at the highs and a pullback and another negative (relative) that is causing congestion, but if the 5 min gets worse, so should this one.

GLD charts...

 The 1 min was positive EOD yesterday, then negative on the open today, it pulled back and has since seen an intraday positive and a move up in price, this is ideal for entering a put position so long as we have the signals.

The 3 min is leading negative.

GLD was in line and then you see two relative negatives, not the strongest, but enough for a pullback/put trade.

However long term the 4 hour chart is leading positive in what looks like a large base area, prices are sent lower when they move too far above the accumulation zone, so a short term trade down (puts) would just bring GLD lower and in to the longer term base accumulation area for a primary uptrend.

I'll wait for the signals.