S&P 500 inverse Head and Shoulders Chart Pattern

SP:SPX   S&P 500 Index
We are on the daily timeframe and we can see that historically buying the S&P index on RSI lower than 30 is an opportunity.

Current S&P 500 PE Ratio is decent: 20.34
Min: 5.31 (Dec 1917)
Max: 123.73 (May 2009)

I have 2 scenarios:

1. Inverse head and shoulders chart pattern with a price target of $4900 by the end of the year.
2. Worst case scenario: bull trap at $4150 an retracement to the pre-pandemic level of $3390. I tend not to believe this scenario because of the too low price per earnings ratio of the S&P .

Looking forward to read your opinion about it.


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