It is going down - 500 to be tested soon.
Reason: we are not that much below the long-term trend, so given the sentiment, we are "hanging in the air" when the solid ground is in 400-500, below that is a steal and above that is hopes.
Yesterday I would have agreed, but my opinion has changed and I think this pullback will not go below 530. I would not surprised if we already bounce off 550-560 as there's too much demand right now. We will see $800 within the next 2 weeks mark my words.