As shown in the diagram, I am looking to place some puts on 128 level, and some calls on 120 level. However, the big picture of Baidu is emerging. I am seeing an ABC corrective wave if Baidu breaks out from the resistance line, and I would place my TP at 180 level, or the .5 Fibo retracement. And of course, I would cash out a majority of Baidu shares on 159 level, or the .382 Fibo.
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