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$SPY: Head and Shoulders, First Touch Trade

BATS:SPY   SPDR S&P 500
368 1 2
It looks like a head and shoulders pattern is taking form, which is really a distribution pattern, signaling a top. Recently, we have just encountered a first touch of recent support, and almost always bounce on first touch. We should expect a bounce back to previous support lost, and fade back to support to complete the head and shoulders pattern. From that point, we must resolve the leg start test, and should fade back to the target level. Momo provided, we should evaluate the the position again then to discern if we will begin our decent the true leg start on the weekly chart back near 171.
That was fast, target reached.
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