Well we are all learning! A head and shoulder if it gets formed should present an interesting setup. I would obviously wait for any breaks below the neckline. The head and shoulder that formed seems to have failed in allsec so waiting for breaks is very important. Alternatively a failed head and shoulder signals the return of bullishness. A raging bull should knock aside any puny obstacles that stand in its way. Allsec is a case in point. Darr ke aaghe jeet hain!
I would look for any bearish candles and patterns for confirmation like more hanging men, dark clouds or evening stars. But the main pattern is the H&S which has yet to unfold. So its still early to draw any factual conclusions.
However my gut feel tells me that the glass floor has cracked a little on the broad index. A few more bumps and it may well shatter completely.