A head and shoulders pattern on a stock chart includes three peaks with the middle being the highest. It’s been a reliable indicator of a coming bull-to-bear reversal. Learn more.

The left shoulder forms with the low in 2013. After a rally that fails to take out the previous high, gold moves to a lower low in late 2015 -- that's the head in this inverted pattern.

The S&P 500 is at risk of developing a bearish head-and-shoulders top, Bank of America said. The S&P 500 could fall as much as 15% to 3800 if the bearish pattern successfully develops.

Although not classically meeting the textbook criteria of a head and shoulders, price action since March 19 has painted an extreme high with flanking lower highs, Valkyrie's analysts said. BTC ...