Inverse head and shoulders on JNK?

It is no secret that I think junk bonds will collapse during the coming credit crash (debt Ponzi collapse) and that the JNK ETF is a canary in that coal mine.  But I'm seeing something in the chart that suggests it might have some legs still.  The recent bounce in JNK has carried further than expected and might even have just broken out of an inverted head and shoulders.  If so then it could have a model as shown lower right below.  This could be supportive of the gold E of 4 wave.  So that orange neckline is now a critical level for JNK.  Anything above it will be good for the continuation of the global debt Ponzi. Anything below it will be sounding a loud warning for longs.

Bottom line for TVIX hopefuls: use stops, assume nothing until it becomes obvious that a market breakdown is already in progress (which cannot be said to be happening at this moment)..