It is observed that a H&S pattern that does not have a sharp right shoulder is likely to be unreliable. In other words, it is unsafe to short a H&S without an acute last bounce.
The CNX IT is a recent example. What was more striking, was that volumes seemed to contract with falling index values, and expand whenever the index rose. The message was to avoid shorting.
The pattern that seems to have formed is some sort of downward-sloping wedge. That is usually a bullish sign. In this case, the target is about 7400.
The April future shows a downward sloping channel. Two hammers are seen. That is a sign of trend change. Its possible that we have a buy signal by the end of the next trading day.
More at my trading blog