Head and Shoulders?

I've been thinking a lot about this pretty "obvious" Head and Shoulders on the S+P daily chart. I think I heard it brought up 4 times in the last 3 days. I even went on CNBC's website to see if there was any mention of it there...and I found three stories on it. So...

Will this big drop occur or not? Whenever the masses expect something, it usually doesn't happen. I can guarantee you that there are some smart traders who are going long equities. I mean I wouldn't be surprised if there is a nightly special this week on the formation!

Take the trade that I was given by Trader Outlook in one of the last posts. If the short (@115.40) of the Greenback/Canadian Dollar does get triggered, it would mean that risk is again in favor, and the weakness we have seen in equities is just a minor thing.

But then again, the technicals are horrible for stocks. If the dollar does start showing weakness, it may just be temporary. Jack Steiman says the hourlys are oversold but the dailys have a ways to go (stochastics.)