Head and shoulder – CIPLA

Head and shoulder is an accumulation pattern. The duration between the two shoulders should be 2 to 3 months. I have taken the price chart of CIPLA

The left shoulder formed between 30/08/16 to 12/09/16, the head between 13/09/16 to 06/10/16 and the right shoulder formed between 07/10/16 to 01/11/16. 

The neck line between the two shoulders forms at the price 569.4. Once the price breaches this level after the right shoulder, we can create the short position. Hence, I created a short position at 569.3 on 01/11/16. The top of the head is my stop loss, which is at price 612.3. My profit should be Rs.43 (612-569). Hence my target is set at 526.3 (569-43). The target is reached on 11/11/16.