SPY Massive Head and shoulders

Head and shoulder chart patterns have been the most reliable indicators as a top of a market. Over the many such patterns they have proven to be very accurate.

We are now looking at a 5 year chart with a huge very obvious left shoulder - head - and now right shoulder.
To complete this bearish pattern a break below existing area would indicate a 6-12 month drop from this level.

Take maximum protection !!!!!

Comment:

The head and shoulder formation was confirmed with new low this week. We still seem more downside 15% from here.

Be carefull

Trade active:

We are nearing 340 where we can expect a bounce. The technical damage to the chart will prevent and major upward move.