On the daily chart above, it looks like the drop from $429 to $237 was the first ABC down leg. Since then, an irregular flat correction unfolded. Wave-b dropped below the previous trend low, and occured in 3-waves; Wave-c rose above the Wave-a high and has occured in 5-waves.
The 5-wave pattern may make some people think that a new bullish trend has begun. However, when looked at from the perspective of the larger formation, I think that the notion of new trend lows (below $200) is not far-fetched, as this would complete a larger ABC correction from $429.
My plan is to go short around here with an initial target at $280, and a longer term target at $160, the low back in August, 2007. I might unload a few of my Puts at $280, and ride the rest.