I will not say 8X or 10X because the amount of risk or lev. you want to take/use is completely up to you. I will not say that 255 is an easy target short-term, that is for the market to decide.
I will say though that a new lower high is about to be confirmed on this timeframe, coupled with high volume. Lower highs since the 28th of December works as a strong bearish signal.
As long as this signal remains in place, we can expect lower prices —the bearish potential is full and active.
Invalidation comes if we get a higher high compared to 3-Jan. Any trading below this point and the chart setup is bearish.