I know I've drawn out the Inverted Head & Shoulders but this post is alerting potential effects of Head & Shoulders top. The below shows the Left Shoulder (LS), Head (H) and Right Shoulder (RS) with the horizontal white Neck Line. The minimum price run on this is a decline to $8,690 or so.
A larger Head & Shoulders top can be drawn. Note how the smaller one is embedded within the larger. The decline target is $7,670 as shown by the blue vertical lines.
IF this becomes the primary where price breaches the blue horizontal Neck Line, then Elliott Waves would show that the first round of five waves up from he prior low of $5,900 is likely complete and the H&S pattern is carving out the requisie ABC retracement.
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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
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