After a massive move to the downside, in-line with general seasonality, and aided by the recent stock market drop we are now at major support zones, mainly a fill of the CME gap between $250-$275. Should we see further downside, it may be a generational buying opportunity here as we are trading just slightly above the bear market value area high.
Losing $250 however would be quite bearish and force a rotation potentially back to the previous range POC and even VAL of the range at the $200 zone.
Not to mention, we are slightly dipping below the 200MA, which is historically an amazing buying opportunity!
Only time will tell.
Good luck!