Of course, this mini crash will be followed by a mini rebound, just to continue the downtrend a couple of hours later.
** I strongly suggest that you never try to guess a pattern. One should always act upon a proven pattern, i.e one that has already broken out. This way you have less profit, but you minimize risk by a huge factor. **
The inversed H&S you are reffering to is actually invalid as it has two left shoulders, and two right shoulders.
- First target being at 245ish (neckline from the previous H&S, were we usually get to return for a quick bounce after any breakout, to straight after give us the big move down).
- Second target at 250ish (the bottom part line of the major descending triangle that we have been seeing all along the longer time-frames, and likewise, after a breakout, the price tends to come back for a quick bounce, before heading its way to complete the pattern.
As an alternative scenario, from the lows of JAN-14' 2015 to the top of this last H&S that I speak above, if we draw a Fibonacci Retracement line, it gets even more interesting to find that the price is actually pulling-back exactly from its 61,8%.
It’s certainly an Interesting thought, though.