Jain Irrigation
Using a monthly chart to explain the Head and shoulders top in Jain Irrigation. Here the right shoulder is wave B, and wave C and A are both 5 wave declines. In wave Analysis while C=A at 26-27 would be a normal range. H&S breaks lead to extentions. And the classic method of measuring the head points to 7.75.

However in wave C, if 3=1 goes to 27 and if wave 4 is a 38.2% retracement wave 5=1 goes to 17 or lower as shown by the Wave counts calculator.
| Wave |
0 |
1 |
% |
2 - 0.618 |
| |
150 |
55 |
-0.63 |
114 |
| |
|
|
|
|
| Wave |
2 |
% |
3 - 1.0 |
3 - 1.618 |
| |
77 |
0.39 |
28 |
-2 |
| |
|
|
|
|
| Wave |
3 |
% |
4 - 0.236 |
4 - 0.382 |
| |
28 |
-0.64 |
40 |
47 |
| |
|
|
|
|
| Wave |
4 |
5 - 3 etn |
5 - 5 etn |
5 - gold |
| |
47 |
29 |
-15 |
27 |