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Predictive Analysis & Forecasting
Denver, Colorado - USA
CROW Signal Service:
Looking from the point of view of an inverted Head & Shoulder, price would need to rise to 260, recoil and rest at 235, and retest the 260 once again, with a deliberate break and continued advance above 260.
The DASHED arrows that I ascribe to the chart are probable price pathways. The speculative scenario just defined under a H&S pretext is already defined by these same dashed arrows, whereby price is expected to rise to 260, then rest at the upper belly of the geo along ts 2-4 Line, and then possibly rest, even attempt a loftier course above 260, which represents a lesser probability of attainment.
The height defined by Point-4 and Point-5' can easily be duplicated and stacked upon the level of Point-4 to approximate a geometric forecast IF indeed price where to turn bullish.
However, taking things one step at a time, price will need to ascend to 260 first, at which point a Kiss of Death (small parabola with nadir at Point-3, followed by a deeper parabola with nadir at Point-5') will likely rub Bulls the wrong way, which is the basis for a HIGH PROBABILITY push back IF and ONCE price rises to 260, which it is expected to do (HIGH PROB.).
The depth of pushback upon completion of the KoD is expected to be measured at a significant Fib retracement, although it is geometrically supported by the 2-4 Line, expectedly (MOD. Probability).
I would look at TWO components:
1 - Stopping Volume as price rests at the speculative 235 level, i.e.: as it eeks support along the 2-4 Line of the geo
2 - A Fib depth of 50%.
Still, I see what you are seeing, but I would not consider this a H&S for trading purpose, based on the reason (unmet conditions) above - Here are images (Google query : "head and shoulder chart trade") that illustrate where an upswing preceded an upright H&S, or a downswing preceded an inverted H&S, prior to reversal.