We executed the trade by buying a November 24 put for 1.45 in the week after the stock closed below 24 on the weekly chart. Today we hit our initial target of 22 and closed the put for 2.6. Net return 79.1%. Trade duration (2 weeks)
GT hasn't formed a downtrend. What we have there is a triple top, lateral movement. If price doesn't break 24, expect a rally at least until 28$. For now, this stock still looks slightly bullish for the longer term.
triple top is a double top plus one more top, if you look closely you will see that gt made 3 equal tops, not only two. Lateral movement is when a stock moves sideways, like GT had until it broke down the support you mentioned in your chart