This market is running really, really hot on news of the Powers That Be in China easing market restrictions and some other stuff.
Can this go higher? Sure. Is it probable? Not really.
Here's the trade. It's a little different than what we normally do.
It's a combination of call spread sales and put buys. The call spreads are done on a 3:1 ratio. They help to pay for the put buy.
Sell 3x May 54/57 bear call spreads @ 0.37
Buy 1x May 48 put @0.95
This puts you in a synthetic short position.
If FXI gets hit quickly, then we will close out the long put and leave the call spread sale on.
A close above 55 stops me out of the trade.
You can also consider scaling into the trade as we are pretty much stepping in front of a freight train.