Has SPX failed just below the target zone?

Hey look, targets are just targets.  This one (1340-1360) was measured off of the bottoming pattern and activated when SPX broke and held above 1260 (which is what the market did in response to well known gurus' calls for a crash.  Now amazingly, the market has already come off of over bought RSI readings and is indeed threatening to lose the first level of RSI support.

The first support zone is noted in green, but there is thick support built up all the way down to... yup, 1260, which is and has been a very important area. 

I want to get shorter for a correction (am only bearish via the VIX and an actively managed bear fund), but the two items I hold are probably enough until further signs come in.  Like a failure at 1260 for instance?  Current view holds this is not going to be a bearish year for the market, though I have no interest whatsoever in being long US stocks in general.

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