rqtect called this correctly on Aug 6th.
I've never heard of "dead man's parachute" before.
At any rate, the down move materialized nicely after the break out. Could be a lot more to come.
No. It's silly to try to call technical patterns that are half formed. That doesn't mean squat. It makes as much sense as calling a double top as soon as the price returns to previous highs without waiting to even see if it bounces off and turns back down.
I do see a 2 year price channel whose lower trend line would be met at ~1550, which is the same as the previous bottom. So, if it bounces off that and rallies to the mid 1600's again and then turns back down, you'll have your head and shoulders.
What I see, are two inverted cup with handles. The first did not break. The second, or what looks like the head, formed a handle (rising wedge) and has broken the lip line of the cup.
I'm not familiar with the term "dead man's parachute", but it sounds like a good name for this set up, what we see is a variation of a head and shoulder pattern, and I expect prices to drop hard and fast as well.