Aggressively trim 75-100% of long positions in the $168-170 zone to lock in capital from the prior drawdown, while maintaining some exposure through defined-risk put spreads rather than naked shorts to protect against the binary M&A catalyst. Re-engagement requires either a daily close above the 10 EMA (~$193.40) with RSI > 50 for three consecutive sessions, or an announced accretive M&A deal; price target is $145 over a 6-12 week tactical horizon with full structural re-evaluation at Q2 earnings.