EDIT 2: Big chances we haven't seen bottom yet, we will revisit the lows and probably break them (for a short time). This should be the last and final leg down.
As stated in previous charts, we were expecting a rapid fall with target +/- 250. At the moment of writing has been down to 255, hovering now at the 268 mark. I still believe we might see one last panic selloff, which would bring us to the previously announced target of 250.
Hitting this target will signify 2 things;
1) Finishing off minor wave 5 ( analysis) which should be followed by some nice ABC correction
2) Touching down on the long term descending triangle which has been forming since the 1170 top.
I believe we are very near the end of this long market (which was a huge possibility to short like there is no tomorrow) and we will soon enter the final and biggest market, historical wave (V).
For now I would suggest to go long, with no looking back... (EDIT: if you go long, keep in mind there is a chance we might revisit the lows before beginning the big bullrun)