Chart patterns are a direct consequence of human psychology and occur across markets and timeframes. Patterns are classified by the price action, not where the pattern occurs.
The sentiment directly associated with the particular pattern is known as the pattern's intrinsic bias. In the case of the standard head and shoulders pattern, the intrinsic bias is bearish. Always.
The sentiment arising from WHERE a pattern occurs is known as extrinsic bias. In the case of this chart, the pattern occurs on a strong prior support and ipso facto has a bullish extrinsic bias.
As mentioned in the post, this chart is an excellent example of when intrinsic bias and extrinsic bias may be in disagreement, that is bullish sentiment from the support and bearish sentiment from the pattern. The topic of intrinsic and extrinsic bias is explored in greater detail in an article on our website, which you may find useful. Link below.