Forming of downswing is in progress. The pivot level 1250.00 seems to be the target. As we see there is still enough room for downward correction continuation.
Local downward structure is in a trending mode, therefore a scenario of break of the support 1276.11-1278.00 should be the main for for today.
Upward scenario can take place in case of failure to pierce the support 1278.78 (watch the red arrow).
Main scenario: Breakdown below 1276.11-1278.00 and further decline in direction 1250.00.
Alternative scenario: In case of upward bounce from the 1278.78 level, we can see growth in direction 1290.00.
Shorts in direction 1250.00.
Longs from the 1278.78 handle towards 1290.00 (a confirming signal is needed).