Hyflux - Forming a Right Shoulder?

Hyflux appears to be forming a right shoulder. The downward target is $2.60 if the stock price breaks the neckline of $2.90. Hyflux has been on uptrend since Mar 2009, it needs a  correction back to $2.475 (61.8% Fibonacci Retracement Level) for a long term healthy up trend.