PTON 7-Month Head and Shoulders Pattern Formation

I have been monitoring PTON for a little while now and recently bought some puts on the stock. There is a massive Head and Shoulders pattern that has been formed over the course of 7+ months, starting in late September 2020. This stock was looking bearish when I opened the puts, as can be seen with the MACD crossover and many other indicators. The H&S chart pattern and the sell signals from a multitude of indicators coupled with the recent concerns about the safety of Peloton treadmills provides a golden opportunity for investors looking to make some money on the strong downtrend that this stock will potentially experience.

Currently, I am waiting for the breakout below the neckline for confirmation of the H&S pattern to open some more put positions. I will update this idea with more information as price action continues to flow.

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Price Target if pattern is confirmed: ~40+% drop, implying a drop to the mid $50 level. Keep in mind, however, that, with the Head and Shoulders pattern, the price target is often not reached fully, or only partially reached. Regardless, I think there is a high chance of price dropping a significant amount upon pattern confirmation.