Head and shoulders target for $SPY to 120 by Labor Day?.. a case [Chart]

I want to make a case for a $SPY target to 120.  Sentiment could not be worse so often that is fuel for a rally we are just missing an ignition source.  Chart wise we could trace out the following pattern on the SPY.

 

The pattern would require a sell-off over the next couple of days down to 104 and then a rally up and breakout next week above 110 which would make a reverse head and shoulder breakout to 120 perhaps completing by  Labor Day.

 

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