If you see a nice correction like previous one(example) take the trade for 200-220 usd target. If will start to drop now look for buys at 110 usd, because is the risk to make a C leg to finish the big correction.
@anfield21, 120 level held support for over a month. a drop to 110 would push stoplimits and we'd see action close to the 100 price level.
But I would bet heavily against a drop that low, matter a fact... I have.