NOW: Massive Head-Shoulder-Formation, Bear Market Setups!ServiceNow, Inc.BATS:NOWVincePrinceHello There, welcome to my new analysis about the ServiceNow (NOW) stock on the weekly timeframe perspective. I am analyzing the log perspective chart, as this shows better relations between the low and high price levels. In the past, the stock has increased massive bearish selling pressures with declines never seen before in the stock's history. In the past few weeks, the stock has dropped sharply, over -30%, penetrating the 80 level. On the broader timeframe perspective, there is just a much bigger formation forming. The neckline of this huge head-and-shoulders formation is now being tested by this massive bearish selling pressure towards the downside. This is marking the point of completion of the left shoulder and the head of the formation. Considering the volume structure, the stock has accelerated heavy bearish volume increases. The options market also shows a major bearish sentiment, with implied volatility rising above 50 and put option placements rising above 250%. This is a dire situation, as the stock also faces competitor threats from large-cap operators. Considering this dynamic, the whole sentiment of the stock shows a highly bearish development. From here on, the stock is likely to move on completing the right shoulder of this massive bearish formation. The whole formation will be completed with a final breakdown below the neckline, with the confirmational formation as shown in my chart. Once this breakdown emerges, the bearish target zones will be activated, setting the stock up for another -60% drop towards the bearish direction. Once the target zone of 31.40 has been reached, further assumptions about the bearishness will be highly important for the further development. What do you think about the stock? Are you currently considering trades on the short side? Let us know in the comments! VP