A P&F Head and Shoulders shows three peaks of X columns, the middle one higher than the two around it, with a neckline through the O-column lows between them. Point and Figure charts plot rising prices as columns of X's and falling prices as columns of O's, ignore time, and add a new column only on a reversal of several boxes, which filters out minor moves. A column of O's that falls below the neckline completes this bearish reversal pattern and often marks the end of an uptrend.
