momentum is high, it's not an easy slam dunk winning short. But it's at least caution time. Personally long term holdings are not affected by this possibility of a retrace, with momo so high surprises occur at the upside and you don't want to buy back in higher and chasing. At least I do not want that.
Short term leveraged positions, I call for caution on the long side. Shorts ST, why not if you know how to manage risk.
It proved to be support, but bulls should not to drop out of the channel. Otherwise this could get nasty.