Not so sure on using puts...may be more suited to use contracts, playing between the lines.

March has a monthly turn date with a directional change...If it plays out to the downside into the target into May , you would look for the bottom of the channel to be hit for a bounce there at 178, you would exit the trade there, either that or you could wait until the nearest red line gets hit and exit there...currently the nearest reversal line is at 167.20, any close below that you will see the market trend change to a further decline...critical support. If it comes down fast then expect the lower channel break line to be breached and tag the reversal...that is where you would exit...you would then wait for a close below to re-enter your hedge.