I've marked down on the chart the areas where price has been rejected by the overall descending . Also marked is the counter price action has been following for the month of July. If you go up to the weekly chart you will see a Weekly rejection of the horizontal / descending resistance.
- Long AUG15 50 Puts
- Exiting in profit if price makes its way down to the $50.00 area
- Roughly 1:4.5 R/R Options Trade
Enjoy your weekend, see you all on Monday! Cheers =)
Update: Short Entered Long AUG15 50STK Puts, Good Luck