IEX: Harmonic Pattern

Pattern is Bearish AB=CD, but here i am showing the beauty of opposite side of pattern.

AB = CD Harmonic Pattern

This pattern can be adopted to buy when prices are low and sell when they are high. But, here i am using it in Bullish view because it's CD leg is about to complete.

Few general points about this pattern are:
1. AB=CD is a reversal pattern that helps you identify when the price is about to change direction.
2. In an uptrend, the first leg (A-B) is formed as the price rises from A to B.
3. At point B, the price changes direction and backtracks to form the B-C leg – ideally a 61.8% or 78.6% retracement of the price increase between points A and B.
4. The price then, should continues its original uptrend, to form C-D leg which should be the same length as the A-B leg.
5. Place your stop loss just below 51 Moving Average.

Draw a new Fibonacci retracement from point B to C of the pattern to find how much it can retrace towards price rise.