Before the NYSE session-open on Thursday, February 18, an uneven Head-&-Shoulder pattern is emerging on the Emini futures 240-minute chart.

The Left Shoulder formed at around 3928.50 on February 10 morning. The Head formed around 3959.25 on February 15 evening. The Right Shoulder seems formed around 3936.00 on February 17 evening. The potential Neckline is around 3890.00 level. A break below the neckline will complete the pattern.

The aggressive pattern completion signal is the break below 3896.50, the low of 6:00 PM on February 17. The conservative pattern completion signal is the break below 3878.50, the low of 10:00 AM on February 10. A more moderate signal would be the break below 3890.00, the low of 2:00 AM on February 12.

A break above the Right-Shoulder before the 100% extension target is achieved will nullify the pattern. Break above the downtrend line connecting the Head and the Right-Shoulder before the 100% extension target is achieved would be a warning that the pattern may be nullified

	Conservative	Aggressive	Moderate
Signal – Break Below	3878.50	3896.50	3890.00

Fibonacci Extension Targets:

Fib-Levels	Conservative	Aggressive	Moderate
61.8%	3858.00	3829.00	3848.00
100%	3834.00	3798.00	3821.00
161.8%	3795.00	3748.00	3778.00

Update: Friday, February 19, 2021

The emerging pattern seems to be getting nullified as the price broke above the downtrend line connecting the Head and the Right Shoulder in the early European session trading on Friday.

The price broke below 3896.50, the aggressive signal, just before the NYSE session open and the Emini broke below 389.00, the moderate signal, in early trading. However, 3878.50, the conservative signal, was a tough support to break and the futures turned back up from 3880.50 and broke above the downtrend line.

Update: Monday, February 22, 2021

The break above the downtrend line connecting the Head and the Right Shoulder could not be sustained and the price started to roll over immediately after the start of trading on Friday. The Emini made a fresh low in Asian trading on Monday and broke below 3878.50, the neckline of the pattern;

Update: Tuesday, February 23, 2021

The Emini achieved the 61.8% extension target in the first half-hour of trading on Tuesday, NYSE-session, and made a low of 3804.75, coming close to the 100% extension target.