We did see a spike up above $1260's last week which has rapidly been pushed back down. Forming a on the daily and the weekly. Possibly could have been stop hunting manipulation.
A larger fibonacci sequence is still in play as you can see we are stalling right around the 61% Retracement area.
As you can see there is a nice trendline on the 4hrly which could be a good trigger for a short entry if we have a nice break below. I wouldnt enter any shorts until this trenline has been clearly broken (look for a candle or formation for extra confluence).
Im saying that the first short term target should be $1225.00 - once that has been broken we could easily see $1200.00...
Be aware the dotted lines are areas at which the price action as reacted to recently - so they are minor levels of support.