Topping Price Formation - Head and Shoulders Top
A head and shoulders includes three tops; left shoulder (LS), head and right shoulder (RS). The peak price of the head is the highest of the three tops.
The red line, a support level called the neckline, connects the bottoms of the left shoulder and the head. Notice the steep price downside after the neckline support is broken.
See Bottoming Price Formation - Reverse Head and Shoulders for an example of a head and shouders bottom.