Can go higher but is due for a pullback and possibly a substantial drawdown. Wave C could carry to 23800 or lower.
Could get a Tues to confirm topping. Other indexes already moving lower and global markets showing weakness. Reactionary wave B is ending- soon.
Shorts placed and puts purchased at or above this price level are probably about lowest risk you can hope for in this game of high stakes risky business.
PS An SPX trader has observed that over past 3 months wave highs occurred at ; Wave lows follow 2 weeks later at Full Moon- neat! Let's see if it holds...
I buy in the money strikes when I'm less confident but this wave is cresting now and I feel good odds on the trade. Target DIA 238 would put these contracts at $12 by expiration.
The downdraft will take about 2 weeks to cycle (by the Full Moon, lol).
Feel badly your puts went worthless, I sold my August contracts for .80 cents on $1 spent and recovered most of the premium but it sounds like you had Julys expiring - this week? Ouch! Buy yourself more time brother!
Options are so volatile the price we pay and the entry point are everything. If you come in to the market a week early you get killed. Better to watch for the clear pattern signal and come a little late to the party!
BTW I typically trade between 50-150 contracts so the leverage is huge and it really hurts when you guess wrong. Good luck!