Before the crash, I'd agree, but now I'm guessing lots of people are cutting at $100 to either break even or escape with profits. Lots of people bought in at $100 and since the crash they will want out and selling at $100 is most peoples breakeven point.
Lot's of psychological resistance / breakeven points from now on:
$100
$130
$160
Expect
extreme volatily in the short/mid term.