Head and Shoulder on SPX500 now into bear market territory

FX:SPX500   S&P 500 Index
The price action today took us bellow the neckline of this large head and shoulder formation at 1850. A similar pattern was seen before the bear market in 2007-2008 and other major price reversals. The Head and Shoulders formation is a very reliable signal of a market reversal. I think we are now moving into a major market reversal and bear market that could last 6-18 months. Initial target is the 1600-1500 rang from the support of the 2008 top and 2013 rally. However if that does not hold we could easily be going back to 1200-1100.
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