$SPY - Head & Shoulders Pattern Forming?

As indicated in the chart below, the put-call ratio is overly bearish which sets up nicely for a rally in the S&P.  In addition, several other indicators show that we might be due for a rally.

If we get a rally over the next several weeks, I'll be watching how the S&P interacts with the 1150-1170 levels of former support and resistance, as well as the 50-day moving average (currently at 1163).  Should the S&P fail to break through these levels and start to retreat, it will form the right shoulder of a head and shoulders topping pattern, which would be immensely bearish.

If it forms, this right shoulder should complete well ahead of Terry Laundry's August 26 projected top date.