Head and Shoulers SPY

Entering earnings season, we have seen a continued slow down in China and a bit in the USA along with no extra QE from Japan.

We still have downward gaps to fill on the latest run up along with a head and shoulders building, in 2011 there was also a head and shoulders pattern built like this, after the big drop. I'm looking for new lows under 180.

I am getting short by being long volatility. I entered this morning my position, stop loss slightly above.