A P&F Inverted Head and Shoulders shows three troughs of O columns, the middle one deeper than the two around it, with a neckline through the X-column highs 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 X's that rises above the neckline completes this bullish reversal pattern and often marks the end of a downtrend.
