No that's not how you interpret it. The top head and shoulder pattern has already formed on the 1D TF(See the Green dot I marked there that's the head)

Head is the middle candle stick - and then you can see left shoulder. The right shoulder is forming now and will reach 4.60 levels close to same height as left shoulder....$PENDLE

EMAs crossover 2 Hour TF at 5.08 indicates a downtrend/bearish trend. You can also see an EMA cross over on 1 Hour TF. See marked EMA Crossover on the chart

CC @⁨Njenga Mkurugenzi Crypto Boy⁩ @⁨micky Cryto Futures⁩