Possible S&P 500 head & shoulders in the making?

Could the S&P 500 be in the middle of carving out a possible head & shoulders pattern? If so, and it breaks the neckline, the extension (the distance between the head & the neckline) could target the 1960 area which is the 50% Fib retracement of the April 20th high (2111.4) / February 11th low (1807.5). Bear in mind, the word on the street is that the shorts currently are already overcrowded, so the chances of this playing out is a lot less.



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