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A charting formation at the top of a cycle. The price chart forms three peaks the middle one of which is the highest. The "left shoulder" is generally reckoned to be where the "smart money" sells - well before the highest point. The "right shoulder" is where the die-hard bulls make their final stand. Once the right shoulder is complete, the price falls through the "neckline" (the line which joins the bottom of the two shoulder cycles) and enters an extended bear trend. Also called a Three Buddha Top.
In February 2021, Gold Fields share price completed an almost perfect head-and-shoulders formation and broke cleanly down through the "neckline". Consider the chart: