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.
what is currently the long term trend??
around $680 right?
Everyone's trendline is different. Mine says $350.
$500 is not unreasonable - it would represent a 50% retracement for a move which has not retraced at all yet.