Let me give a quick nod to everything I'm seeing here. Although not viewable on the chart, if you go back to 2014 I see a 5 wave bear pattern and we have since gotten an correction off the february low. Following the A wave, we have set an ascending , with momentum divergence building along the supply line. Additionally, we have probed above the value area, and this is an obvious mkt profile fade from an unfair high. The targets are roughly $46, $42, and $38. I will be playing 11 Puts for the July expiry, and 10.5 Puts for the Aug expiry, and the Sep puts at a 10 strike. Currently I have a manual stop at the recent high on the underlying, and will be covering in the bounce zones at each step of the ladder. This is an aggressive trade, but I like the theta profile on those positions. Ultimately, the trade is short oil , I just thought I would give some insight into my execution. A good amount of trade management will be required.
Look for updates in the future, as I will probably defend with some weekly calls around those prior resistance areas (prospective support areas).