S&P 500 20/07/2009 - Update

Previous update for S&P is here.
The second right shoulder indicated by RS2 seems to have been completed. It formed a Doji on friday and we might see prices start to reverse towards the neckline and below next week onwards. Calculated targets are 804 and 781 in the mid term.

There is an alternate scenario if the prices break above the head (956) H&S will be negated and we might need to relook at the pattern and further estimates. As of now this scenario seems unlikely to me.