GOOGLE Near Major Support, What Next?

In the span of about one month, we saw GOOG decline from its high of $600 to now near $525. I have posted in the past about GOOG's major support at $520. The chart below depicts 9 months
of GOOG trading. The last time it touched this level, the stock took off into high $500s. What is it going to do this time? Will it take off again? Or is this the time to break this major support?

Let's take a closer look at GOOG's three month chart below. I have drawn two key resistance levels at $540 and $560. If GOOG breaks the first resistance at $540, then it will most likely head towards $560. However, if it fails to break $540, then it could generate enough momentum to break its major support at $520. This support is critical in that if broken, GOOG will most likely reach $500 and possibly into $400s. Next couple of weeks should give us more insight into which direction GOOG will be taking.