Yes, exactly.
Haejin mentioned the potential for the smaller H&S (the one in yellow above) yesterday, and as soon as he said that, it become clear to me there was a bigger H&S (the one in green above), which is a fractal, potentially in play.
It's always better to be prepared with potential outcomes than to have them sprung on you without knowing how to react.
Good luck!
I have trouble identifying these structures because my screen is so tiny, it all looks rather blocky... I'm now running two browsers so i can use two tradingview accounts, one with a 15 minute and one with a daily/4h hour scale, that works way better than switching time scale all the time... still, the HS scenario seems to be less likely now because of the lack of volume in the center - so maybe we can relax... keep up the good work, we'll soon have a team of experts ;))
Here's a simple Fibonacci application, and it shows that the deepest dip (at Kraken) went right to the .0618, which makes it a perfect moderate retracement so far.
Although @haejin may be correct that this wont end up forming a H&S, I believe he was incorrect about the H&S volume:
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:head_and_shoulders_top_reversal
This is with the caveat that Haejin has much more experience than I do, so he may disagree with this assessment. I guess only time will tell, but it's good to have it in our bag if we need it.