Definitely a good moment to take profits however I doubt it will correct much afterwards (darker blue arrows, I'm not even sure whether the first target will be reached that quickly). A couple percent with a very good R/R-Ratio to be made, though you better watch out; LTC can be a true treacherous btch when it comes to potential bottoms like this one.
So far everything on schedule -- drop occured right after 0.62-year cycle line had passed, initiating the third (last?) wave of the big correction. Here's my roadmap for the first interval. It looks like we could see an inverse cup-n-handle smashing the yellow support line before continuing with increased momentum towards the final target in the sub300 zone. So...
This is the reason I've been able to catch every single top and bottom perfectly from the very beginning, and the reason why you definitely don't want to be long now. 17th of October is the approximate date I'm going to consider this rally as corrected and completed; bouncing at $260 first, dropping down to $200 and ultimatively stabilising around the $260 mark...