H&S most likely scenario on the 4H

The chart really says it all. Right shoulder of a H&S pattern being formed. I thought that yesterday it would break out and we would have a relief rally but it's looking like we are heading down.

My view would change if we form a low here and start moving back up above the EMA. Then on a 1 and 2 hour that would constitute a higher low.

Daily momentum indicators are pointing south, better to stay away and watch what happens today and tomorrow.