HTF (4h) shows a clear trend reversal from ~37.50 peak in late Jan to persistent lower highs and lower lows. Price has been in sustained downtrend since early Feb, breaking below 33, 32, 31, and now 30. LTF (1h) shows today's bounce from ~28.57 low back to ~29.57, which is a dead-cat into prior breakdown level and the 30 area supply. The last bar (29.57) stalled right at this resistance with waning volume on the bounce — classic retest of breakdown level. Options flow shows a neutral mid-print on the 28.50P expiring in 4 days — someone positioning for continued downside near current levels. Thesis: fade the bounce at ~29.57 resistance, stop above 30.85 (recent swing high / breakdown area), target 28.50 prior low support.

Put Spread: IV is moderately elevated (~57%) given the sustained downtrend. A put spread captures downside to the 28.50 target while reducing premium outlay. The 30/27 April put spread benefits from continued breakdown with defined risk.