The run of May/June last year took onto a shallower decline - the old channel top becoming the new channel bottom on the log scale (dotted blue line).
Within this, the last wave oscillation trough to trough was 15 weeks, on which basis the current one is around its mid point and normal peak. According to this model if its going higher it should follow the 4th arc pair in a steep rise over the next 2 weeks, with January's high of 315 as the immediate target up to the 15 week high around 400 possibly moving to the shallower above if not progressing to further highs.
If not its most likely to continue its oscillating decline within the current channel meaning potential lows as deep as 100 in 5 weeks, but first it would have to breach major support in the 230-250 band as indicated by the and the most enduring recent price levels within the 2 dotted purple lines suggested as potential trigger and stop levels for a short. Worth noting that previously similar support held the decline for 5 weeks mid Aug to mid Sept 2014 which if repeated this time while delaying the return to new lows means they could be deeper still (sub $100) if reaching channel bottom.