A Fibonacci-based pattern that is bullish ~33% of the time per Bulkowski. Confirmed a reversal occurs right after its appearance.
Here we can see the ratios between the lengths of the sides are Fibonacci #s: 0.382, 0.500, 0.618, 0.707, 0.786, 0.886, 1.13, 1.27, 1.41, 1.618, 2, 2.24, 2.618, or 3.14.
As also posted in my previous idea, this can be created with the ABCD tool in TradingView manually, though professionals (that rely on this fairly unreliable pattern) will use software to calculate its presence. Even the manual method is a bit of an art and has some artistic license in its creation.
Here we can see the ratios between the lengths of the sides are Fibonacci #s: 0.382, 0.500, 0.618, 0.707, 0.786, 0.886, 1.13, 1.27, 1.41, 1.618, 2, 2.24, 2.618, or 3.14.
As also posted in my previous idea, this can be created with the ABCD tool in TradingView manually, though professionals (that rely on this fairly unreliable pattern) will use software to calculate its presence. Even the manual method is a bit of an art and has some artistic license in its creation.