There is a fair chance that this is unfolding. This could produce the form for an excellent short opportunity if it happens. waves iii iv and v that will possibly conclude the bear market may unfold clearly before our eyes toward $100-$150
But in the case of an ending diagonal wave c, there is also the chance that we head on straight to 1300-1200 in a third wave extension and who knows where it will stop. So, I would encourage nobody to take longs despite a bit of upside potential.
The correction began with an abc wave A, this means it is a flat correction, 3-3-5. we ave seen a characteristically deep correction of wave A. We could rally to around $260 from here before aggressive downside, or we could go lower before a wave C correction to around $250 and then fall like a sack of bricks. There is a chance that we fall straight towards yearly lows from here but its very chancy indeed.