Is Bank Nifty forming Head and Shoulder Top?

Hôm qua

Bank Nifty appears to be forming the Right Shoulder of the Head and Shoulder Pattern with neck line around 49,000 - 50,000 zone.

The text book target of this pattern comes to ~ 44,500 - 45,000, which is ~9,000 points decline from todays closing price. This area is just above the 45,500 - 46,000 zone that has acted first as resistance in July-September 2023, and then as support in March - June 2024