Head and Shoulder is a reliable reversal chart pattern that forms after an advance or a decline and the completion of the formation suggests a reversal of the existing trend.
As this case with different chart patterns, H & S reversals can fail. However, the failure of this specific reversal chart pattern same reliable as compare to other chart patterns . When H & S chart pattern invalidate the earlier interpretation then H & S Failure pattern forms . The failure, once confirmed, would help us set price targets for the newly established trend. Breach above the right shoulder confirm it as a H & S Failure Chart Pattern formed . Further details Mention in CHART .