Putnam 1949 B6

Let $C$ be a closed convex curve with a continuously turning tangent and let $O$ be a point inside $C.$ For each point $P$ on $C$ we define $T(P)$ as follows: Draw the tangent to $C$ at $P$ and from $O$ drop the perpendicular to that tangent. Then $T(P)$ is the point at which $C$ intersects this perpendicular. Starting now with a point $P_{0}$ on $C$ , define points $P_n$ by $P_n =T(P_{n-1}).$ Prove that the points $P_{n}$ approach a limit and characterize all possible limit points. (You may assume that $T$ is continuous.)