I think we've got a large inverse H&S (purple arcs) with the right shoulder in development. Within this inverse H&S I also see a regular H&S with its right shoulder in development. I had a buy stop at the swing high with the red arc, looking to trade the failure of this pattern; but I pulled the order. I'm going to stick with a rule that the shoulders must touch the neckline at both base swings before being valid. Looking left, the left shoulders for both H&S patterns have satisfied this criteria. I think assigning the red arc as the swing high of the right shoulder for the smaller pattern would be premature based on this rule. I'm currently watching for the development of that shoulder and the failure of the smaller pattern, taking us to the liquidity pool located at 108.723 (Inverse H&S Neckline).