INTC 29.51: Potentially forms a head-&-shoulders top

INTC may be forming a head-&-shoulders top (as shown on the weekly chart). It is currently testing the 29.65/29.31 shoulders support line and reached a 29.09 low (July 8, 2015). A decisive breakdown here would complete a head-&-shoulders top and risk a deeper setback towards the 20.84 area (H&S target). However, if the 29.09/29.31/29.65 area manage to contain losses, that would suggest further consolidation towards 32.57 then 34.75.
Outlook:
Short term: bearish
Long term: neutral