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Head & Shoulders Within A Head & Shoulders Pattern

Head & Shoulders are a classic of Technical analysis and with good reason. Markets & traders seem to repeat the same behaviors over & over and the H&S pattern is one that stands out.
We have seen this often and it appears as though we are breaking out of a very short term H&S which we believe may lead to the process of creating the right shoulder of a major Long Term H&S top:

Short term H&S

Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in SPY over the next 72 hours.