@Ankur_Lakhia , For a head and shoulders pattern to play out, its not necessary for the two shoulders to be of same magnitude. The right shoulder or even the left one may be smaller than its counterpart.
Attached chart shows the pattern. If and when the pattern plays out it points out to targets in range of 8500-8600 where the retracement of entire rise is placed.
The current rally has taken a lot of people and even technical analysts by surprise. People have changed their views from a possible meltdown to a possible new high. Even the small and midcaps have started showing some resilience of late. How this whole structure unfolds needs to be seen.
Personally I remain cautious considering the political scenario. The silver lining has been the drastic fall in crude prices which has brought cheer to a lot of sectors of the markets.
