To The Moon

The Head and Shoulders pattern already formed - > The beginning of the downtrend 

4 important components of the H&S pattern: (1) Left Shoulder (peak around mid-June), (2) the Head (the highest peak around late June/early July and the (3) Right Shoulder , the lower peak in mid-July.

The most critical part of this pattern is No.4 which is the neckline which I have indicated with the blue line (the support level connecting the lows between the shoulders, roughly around the 1500 -1600 level. 

The current price of 1210 ( pre-mkt )  has decisively broken below this neckline ( Sellers taking control even before market open ). This confirms the H&S pattern is completed and validates the bearish outlook.

The price has crashed below both the 20MA (1684.11) and the 50MA (1727.21). This indicates that the short-to-medium term trend has firmly turned bearish.

Long-term Support wise, The 200MA is at 822.62. While the price is still above this long-term average, the gap is significant. In strong downtrends, price often gravitates toward the 200MA, suggesting there could be much further downside potential from here. With a weak RSI (14) at 38.26. This is in bearish territory below 50. However it’s not quite oversold: It hasn’t hit 30 yet. This suggests there is still room for the price to drop before a technical bounce occurs. However, because it is getting close to 30, we should be wary of a short-term dead cat bounce or consolidation soon.