Hi Gary, thanks for the charts.
Ok, so the the question is; do we need to break the 12500 area? I can see your logic in looking for a short if we pullback to your level, but if the answer to the question is no, then we will be in a big squeeze back up. If that is the case then we are looking for highs at 13300 level about April 15th-20th.
Personally I do not see the need to fall below the 12400 (if indeed 12500 is probed) level at this juncture. But as always, I know nothing is certain, but would definitely want to be getting ready to be positioned long side of this market.
Will be interesting to pop back in a month and see what went on.
Good trading to you!