Many similarities between the April crash and December crash are evident at this point. It has served well as a compass when navigating this downtrend.
From a timing perspective, in April the correction took about about 3 months (87 days) to play out. Right now, we are nearing the 3 month mark since the December downtrend began.
The completion of the arch and the 3 month period also coincides with the Gox update later this week. If positive (i.e. withdrawals resuming) this should be enough to reverse the market downtrend.
If the Gox news is bad (i.e. more delays which suggest insolvency), then next support is $380-$420. Keep in mind that Gox is a isolated exchange issue and is not reflective of the fundamental prospects for Bitcoin and so I would not expect it to go lower than this.
Short term view: With lingering doubts over the solvency of Gox, I expect us to continue to bleed from here to about $550 until the Gox provides the update.
Longer term view: assuming the similarities with April continue, we can expect the in BTC to drop off in the next 3 month phase with prices creeping up slowly to +$1000. Not ideal trading conditions. A wave of new startups, Bitcoin innovations and big name adopters being announced in Q3, Q4 combined with a period of stable BTC prices may provide the fuel for the next bubble pattern.