$SPY Head and Shoulders Pattern, Symmetrical Triangle 2007/2009 (Chart)

$SPY is testing the January highs, or perhaps the left shoulder in a head and shoulders formation. Unlike the failed mini head and shoulders pattern we experienced from May-July 2009, this one's been forming for 10 months now. For the H&S reversal to be in play, I need to see a decent sell off at the right shoulder. Since the beginning of September, exposure to GLD, SLV and SPY (capped) have been working. If I were long what I just mentioned, I'd have my finger on the put protection trigger. Futures are up tonight and DX is at 79.81 (pierced August low).

$SPY is also near the inflection point in a symmetrical triangle from the 2007 high and 2009 low, meaning directional judgment day for the market is near! Keep an eye on those moving averages (50day-blue, 200day-red). They are both acting as support levels, but, imo, a bloody red day would violate both of them. I recommend you also watch the weekly and monthly moving averages (recent posts w/charts: 9/14/2010, 9/8/20109/2/2010). I'm embedding Prechter Tech Ticker videos next. From what I remember, he believes the head and shoulders pattern is valid. The next few days, or weeks, will be critical for SPY as it trades closer to that apex point in the symmetrical triangle. Thoughts?

SPY (SPDRs S&P 500 ETF) - Courtesy of FreeStockCharts.com (click for larger view)