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There was a prevailing uptrend.
The price rises to a peak (Left Shoulder) and subsequently declines to form a trough.
The price rises again to form a second high (Head) substantially above the initial peak and declines again.
The price rises a third time, but only to the level of the first peak (Right Shoulder), before declining once more.
Short Position can be created.
Entry at 221; Target price 195; Stop Loss 247.
| M | T | W | T | F | S | S |
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| 6 | 7 | 8 | 9 | 10 | 11 | 12 |
| 13 | 14 | 15 | 16 | 17 | 18 | 19 |
| 20 | 21 | 22 | 23 | 24 | 25 | 26 |
| 27 | 28 | 29 | 30 | 31 | ||
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Hi,
The Head and Shoulders pattern is found during a bullish trend and has the potential to reverse the uptrend so, the left side shoulder should be found inline of bullish trend. In the above chart, Since there is no prior uptrend so, it doesn’t act as a head and shoulder pattern.
Ok.I will edit and do the correction. Thank you.