Inverted Shoulder Head Shoulder

The SPX forms a classic inverted Shoulder-Head-Shoulder pattern. To finish this pattern, the neckline has to break, close above 2113 and the Target Price becomes 2150.

At this moment I’d rather wait for a good entry for new shorts (if stopped out @ 2113) than chase this market up.

Short term, the SPX might go up, Nasdaq already broke last high, but to me it seems the risk/return trade off for the next couple of months is in favor of the bears.