HTF 4h shows a sustained downtrend from ~32 to current ~17.60 with consistent lower highs and lower lows. Recent LTF price action shows a failed bounce from 17-18 zone in late Feb/early March that peaked near 19.50 and has since faded back below 18. Current price at 17.60 is pressing against the Feb 23 breakdown low (~17.94 area) which is now resistance. Last several 1h bars show grinding lower with red candles dominating, unable to recover the 18.00 level. Options flow is net bearish — bearish trades (26) outnumber bullish (23), net delta imbalance strongly negative at -1.36M. Large 16P and 16.5P selling (SellToOpen labeled) suggests institutions capping downside hedge near 16, but the 17C sold at bid (bearish) for $524K premium is the largest single trade. Thesis: short below current price, stop above recent consolidation high near 18.25, target 16.50 prior support zone.

Put Spread: IV is elevated (80-95% on near-term puts) making outright long puts expensive. A put spread captures the breakdown to 16.50 while reducing premium cost. Using April 17 expiry to allow time for move. Bearish flow in 16P and 16.5P zones confirms this target zone.