1. The Left Shoulder (Mid-June)

Around early June, the HSI experienced a downward move that found temporary support (roughly around the 24,400 level) before a minor, short-lived bounce

2. The Head (Late June)

Following that minor bounce, a steeper sell-off began mid-month, culminating in a major swing low in late June at approximately 22,600.

This capitulation was met with a sharp, aggressive V-shaped rally back upward through early July, which forms the deep center trough

3. The Neckline (Mid-July)

The rally peaked in mid-July right around the 25,166 level

This area lined up with the descending 50-day Moving Average (yellow line), creating a clear horizontal/slanted resistance level, which serves as the neckline.

4. The Right Shoulder (Currently Forming)

The last two red candles on the far right show the index pulling back from that 25,166 resistance down to the current price of 24,562.24.