S&P 500 futures buy zone?

Instead of going too much into the details of today's sell-off (Intel, China, India, etc), and also running around in full-fledged panic over a possible S&P's downgrade of AAA sovereigns in EU, I would like to be prepared for what will happen just after the actual event. I expect the downgrades (if they are coming) to happen within 24-48 hours.

Near perfect inverted head and shoulders has now formed on S&P 500 futures. Following is the chart of ES. It looks that by the end of trading on Friday of this quadruple witching week, S&P 500 futures will either break down below 1200, or (my prediction) will be trading above 1266. Price is forming a more pronounced right shoulder. It is also in a well-defined bull flag. As long as 1200 holds and price breaks above the bull flag, we will see higher levels ahead.

click on chart to expand