There are usually 2-3 intermediate cycle lows every year. These moments are where we expect bottoms to occur which will last several months. This is where you have a high likelihood of profiting from selling puts. Rallies out of intermediate cycle lows tend to be strong. For an option sale to be successful, we only need price to trend higher or sideways for a couple months. 80% of all options expire worthless, so the real money to be made is in selling the options, not buying them. The chart below shows we should be nearing the time for an ICL to occur. Price has already broken the IC trend line which should confirm that a new intermediate cycle will begin once a bottom has been put in place.
I won't pretend to know right now exactly where this bottom is going to occur, but if price can manage to break below the April ICL....say to the 480-470 range, it will probably trigger a buy signal on the CCI. CCI buy signals have a pretty good track record for marking major bottoms.