SPY to decline from $235.50 to $232.50, Consider $235 Put option

SPY broke down from an upward channel & seems approaching to channel support from beneath. We think it will be a very good shorting opportunity if it holds below the channel & reverse from there. And to trade that we would consider $235 Puts

$235 Put option
* Trade Criteria *
Date first found- April 11, 2017
Pattern/Why- Upward channel breakdown
Entry Target Criteria- Pullback to $23.50
Exit Target Criteria- $232.50
Stop Loss Criteria- N/A
Option- Short term $235 Put option (Speculative)

Please check back for Trade updates. (Note: Trade update is little delayed here.)

Trade active:

April 11th- hitting our entry criteria. Seems down trend started.

Comment:

April 13th- Very nice decline, and closed at the bottom of the range. Looking very good as short.