Yes, you do have the pattern correctly. The neckline which is slightly
rising needs to be closed below by 3% to confirm the pattern.
Somewhere around 18.5 should confirm the pattern. If we get a rising
tech market then it may never happen. This ultimately could have
been a good buying point. However, I have been burned on this
pattern before and I do not care to learn this lesson again. Another
indication for this pattern is volume. Typically the left shoulder has
the highest volume and it goes down from there. This bores out for
CHPS as well. If you need to see an example look back at SCIS
in the April to July time frame. The similarities are hard to ignore.
The rise of the CHPS left shoulder also carries with it a large gap
rising from 15. I do not believe in the gap theory but alot of other
people do and if enough people believe then it can happen.
Supposedly 90% of all gaps are closed eventually. The problem is
you never know when.