Possible Head and Shoulders Top Forming

I have put most of the explanations on the attached chart, but the market may be trying to form a head and shoulders topping pattern. It is still too early to tell, but wanted to get it on the radar. It should take a few more weeks before confirmation.

If we fall below $880 again, where there is significant support dating back 6 months+, then this chart may be very valid. I have put in blue dotted lines showing the possible path the market could take to validate this pattern.

Ideally the market will fall below $880 and come back to retest the "neckline" trendline at which point would be a very high risk reward short around $890 with a stop above $900 and a target of $830.

Stay Tuned. You can click on the title link to see how the pattern progresses in real time.