I don't think this was a valid head & shoulders. The patterns have more conditions than just the head and shoulders appearing. The environment that it appears in and the conditions that it meets determines whether or not the pattern is valid. In this example it wasn't found at the end of a substantial multi-wave rally (i.e. a prolonged up-trend). It was found after a short impulse that's found in an already bearish market. It's no coincidence that the market reverses soon after the neckline breakout.