If these targets were to play out i.e. "Continuation Head & Shoulders" / ABC correction in higher Wave II then this scenario would satisfy the idea title and description!
Just because a H&S pattern doesn't reach the expected breakout value doesn't mean it isn't valid. The other thing a lot of traders don't seem to remember about H&S pattern's is they can produce false breakouts. I.e. they end shortly after breaking the trend line without coming close to minimal projected targets.
Technically speaking your pattern goes bust only after the right shoulder is surpassed. Which is why stop losses are traditionally placed around high/low of the that shoulder.
zippy1day
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@chaosbegone, all I say is that the neckline broke which should be resistance!
Technically speaking your pattern goes bust only after the right shoulder is surpassed. Which is why stop losses are traditionally placed around high/low of the that shoulder.