[INTC] options setup

As a rule I am not a big fan of short term options but sometime the setup is so compelling that it is worth throwing a few bucks at.  In my recent Intel update I showed that the prior model of an expanding wedge seemed to be working and furthermore that INTC shares had not been able to achieve a higher high.

So if the markets begin breaking downwards next week which is my top model right now, Intel is left with a very, very ugly looking chart on two fronts:
1) expanding wedges are the very definition of volatility.  As time goes on, the rails get further apart but the pattern will try to hit the opposite rail.  So they tend to move quickly.
2) Intel already did wave 1 down and is now likely finishing wave 2 up.  If this is the case, the next wave down should be a fast and furious 3.

Because of the odds associated with a rapid move down here, it makes sense to see this as a possible put options setup.  I like the April 17, 2015 $24 puts for this.

24.00

INTC150417P00024000

0.22

0.15

0.19

 I would not go all in here because it is not confirmed that the market is actually ready to crash.  Based on other observations, the red path below would not be my top choice mode but I do acknowledge that it could happen.  So if a little were gambled on the blue path today and instead the thing turns out to be an expanding wedge then you will still be able to have another shot at some really cheap puts at that time.  I'm going to try to get some of the 24s for $0.17 at the open on Monday unless there is some very unexpected reason (like a big gap up) for me to sit back and watch a bit longer.