We might be cought in sideways within the red channel for another 20 days. I look at the Willy or MAGNUS™ indicator and compare it to a similar situation we had a couple months ago. The yellow box had some rangebound action in it with a little breakdown in the middle ( just like we had it now ). The question is what will happen after the yellow box? The red box like last time? Then we will definitelly see 280 again. Or if 320 holds (looks like some strong demand is sitting there), we'll see another pump like seen in the last green box !
Also check out the time fib analysis : 0.382 & 0.618 were important points in time, so 1 will probably be important too! Likely a major low/high in price. The target for a bullish move is the thick blue dashed line, which is this years top resistance trend line. You can expect sellers there.