FXI consolidating near 49

Friday was 2nd day it closed below 49.
49 is acting as a support, but FXI             has been drifting lower

Currently below 49, and below 50dema
10dsma > 30dema, however gap is very small now.

Not sure if I want to sell a put spread, or do long call.
I would like to treat FXI             as a speculative index, because the Chinese market is very speculative right now (in a bubble).
I would like to limit my losses in a crash but let my gains grow with the bubble.
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