Head & Shoulders Pattern?

On a short term basis the S&P 500 is working off overbought conditions and based on the technical pattern of the hourly ESZ3 chart prices could slide lower. The 1,689 price level is critical in the short term as it represents the neckline of a potential bearish head and shoulders pattern.

Based on the measuring principal of this pattern, if the 1,689 level breaks as support prices should head to 1,658 / 1,660. This target is derived from taking the difference of the head (1720) and neckline (1689), or 31 points, and then subtracting it from the neckline which equals 1,658.

The pattern starts to become invalid on a move over 1702.50, and especially over 1706.50.