Failure at the previous 1307 high should now see us decline to the 38.6% retracement level and possibly 1192.
Regrettably I was forced to hedge this trade while I was away from the desk when 1260 turned out to be a false break. I therefore held on to the hedge until just now which I have now sold the long and I'm now only holding the short position. The thick red line is the close / open daily candles of May 5th and 6th where price is finding sellers.
My new stop is above the 61.8% retracement level above 1285.72.