If $120 is not a big money for you I'd suggest you to buy Bitcoin with it right now, you will not lose a lot anyway. But if it is a big amount for you then you might wait till BTC goes a bit under $300 and buy at the time. This might never happen though. At least I think it will not.
heh and this is the problem i am afraid to, that price can go under $300, even as low as $250, but i think $300 is good price to buy Bitcoin. Even under $330 in my opinion is worth of risk.. There are speculations that in next two-three weeks will be next rocket up to $500 or more.. - but this version is to me unlikely, $ 400 imo, is more possible.