Downtrend or not, how low do oyu seriously think it will go?
I think $550 is as low as it gets. And even that was much lower than i ever expected it to be.
Looking at the selling pressure today, I really would not rule out breaking 550. We might very well test the green support line that pftq was drawing a few posts ago. It is currently around 520. If 520 would not hold, there is not much technical support until 440.
But I hope 550 holds fine and we rebound now.
While $550 seems the "right" value for the correction, I guess the downtrend will continue until the auction closes so it can break the $500 line before rebound