Umm. No. Read up on what a head and shoulders top is. Left shoulder forms with a new high and it sells off. The head forms when a new high is achieved, obviously higher than the left shoulder. Another selloff occurs going below the left shoulder. The right shoulder forms when an attempt back to the "head" high is embarked upon, but it fails to surpass the left shoulder, usually barely getting back to the left shoulder level, and then starts back down.
The left shoulder formed back around Aug. 1 at the 108-110 range. It sold back down below $100 then made a new high at 123ish in September. It sold off back below $100 and is now trying to go back up and is sitting at the left shoulder level at $108-110.
If it pierces this level and goes back to $120+ area it will NOT be a head and shoulder top. It might make a "double top" at that price, but only if it sells off from there.
To be sure, the topping process is not established yet. It may not be. It could be readying itself for an assault on new highs. But if it sells off from this price area in the coming weeks without making a new high....that would be bearish. JMHO....and GLTA.
I agree it is too early to tell either way. It is appearing to form a base, that's all I was saying initially. We will know shortly if this is the case or not. I think the market wants to go higher obviously the only issue holding it back is the cliff.