![](https://cdn.steemitimages.com/DQmeBMWFZZLHn7dzamuXyUfmSX5T1pfQkZTrN1zszEriuq2/image.png)

Estee Lauder looks to have completed an 8 month topping pattern in the form of a head and shoulders, one of the most reliable chart pattern.  The neckline is clearly descending suggested particular weakness and a greater likelihood of a strong decline.  The weekly chart also shows significant negative divergence that had been building , also for about an 8 month period. Caution needs to be taken here as markets in general are quite volatile and a clean break below the neck has not yet been seen, although price is trading marginally below as I type.

The projected target price is ~103.5. A move back above the right shoulder would negate the bearish outlook.

Should the downside target be achieved, given the size of the divergence and the length of time it took the pattern to form, we may have to consider whether further downside is likely from there.