I'm keeping my puts! Price is just "hanging" in congestion area. I've redrawn the black channel lines trying to capture the price movement shown. this may be the trail down to the targeted area below. If the price releases one more time , it could go down to the Shark
Pattern point D target. This would be a deep retracement for wave B of C of wave 2. We are due for a good little rally soon to the 275-278 area. But first I think we need a bit more downside move. This would let the "Shark" jump up out of the water and take a bite out of the bears at the buy zone indicated. At that point I'd sell the puts for a good profit and buy some calls for Christmas holidays.