This is what I see from its chart (aside from it being insanely overvalued fundamentally on its P/E). It looks to be in a wave 5 which means it should be nearing the end of its uptrend. Also notice how far the price is above its 50-week moving average, above its 200-week moving average and how far it is above its green uptrend line too. These are all signs that the index is way overvalued, technically. Also, the RSI is starting to lose some of its momentum too, which is another bearish sign. So this small cap index looks dangerous to me.

Oh, and one more thing...In Elliott Wave theory, they connect the bottoms of waves 2 and 4 and run a parallel line connecting the tops. (Mine is eyeballed and not quite parallel but you'll get the point). So we're nearing the red resistance channel line and a true parallel line would probably already have us at it. Now, wave 5's can overshoot that red line at times, but it shows the extreme danger of the index here.

I do not see a head and shoulders formation, yet we're likely nearing the index's top.

Very good, thanks!

Not a completed head & shoulders obviously, but it will be interesting to see how this head formation shapes up. I should have been more clear! Also, how do you get your charts to view when only a link showed up in my post. I have a subscription to stockshcarts, I did not copy and paste, but drag & dropped the chart. Not sure what the method to use is.....

In the blank to type in, there will be a picture of a camera on the far right of that blank.

You can upload a chart you've saved by clicking on the camera icon.

If corrective wave B formed a certain way, then it could end up being a head and shoulders pattern but it's too early to say for sure right now.