S&P 500 is continuing its move towards 4,200 and the Shoulder-Head- Shoulder potential target level.
The two vertical arrows are indicating the potential distance S&P can move after is has broken below the Neckline.
If S&P 500 does travel the indicated distance there is potential down to 4,050. However, often the distance is cut short to around the 0.618 Fibonacci level at around 4,155 which is very close to the 200 Moving Average and the upper range of the Consolidation area
The 200 daily Moving Average sits currently just above the 0.618 Fibo level will add some support.
RSI is below the 40 threshold adding to the bearish outlook.
To demolish the SHS pattern a close above 4,540 is needed.