Here is a 30 minute bar chart showing day session e-mini trading. Early this morning the market dropped a few points below the initial target zone (green oval) and then rallied about 18 points. The rally has not yet moved above the level of the last low at 1177 (green dotted line). Until it does I think there is a good chance that the market will move a little lower, down into the 1148-1152 zone (dash oval). This lower zone is just above 1148 support defined by the January 11 top and is at the revised lower channel line (blue dots).
In either case I think the all clear signal will be a rally above 1177. Once that happens the market will be on its way to 1270.