👀 LEARNING ABCD ABCD pattern is as old as end of day data received your fax machine at the market close. To spot this chart pattern, all you need is to be a little observant & use of the Fibonacci chart tool.
✍🏼 CHARTING THE LINES AB and CD are known as the legs while BC is the correction.
If you use the Fibonacci retracement tool on leg AB, the retracement BC should reach until the 0.618 level. Next, the line CD should be the 1.272 Fibonacci extension of BC.
🤓 FOR THE NERDS The length of line AB should be equal to the length of line CD. The time it takes for the price to go from A to B should be equal to the time it takes for the price to move from C to D.