From the 4hr chart a very nice RHS formation is in play, if the formation is completed , it is a Head & Shoulders chart . I personally want to see it rejected in the near future. H&S are great when going up but you can loose your shirt coming down if not managed well
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This is a classic example of playing the precentages. What is known about H & S is that waiting for confirmation of the signal is required for a successful outcome. Preempting the direction of movement prior to confirmation of the candles crossing over the support & resistance line can be very costly. The direction reversed from the identified neck line of the H&S