EWP‎ iShares Spain ETF – Head And Shoulders Pattern?

I ran through my ETF list last night to come across the EWP iShares Spain ETF forming what looks to be a pretty large inverted head and shoulders pattern. Now of course the main complaint I have is that it’s not at the bottom of a downtrend, still the shoulders and head are very clearly defined.

As always, it’s not what you THINK you see in the market (which is usually what you pray you see so that you can make money). The charts NEVER lie, maybe there is something we DON’T see in this chart…at least right now.