Unlike other advanced formations was never derived from . It was discovered by Darren Oglesbee from Tradeempowered.com. is not a and never been one of them. Very specific rules of B and C point identification depend on a price close. TradingView has a description of this pattern but it is not correct: https://www.tradingview.com/ideas/cypher... It's a pity.:(
Two years ago I asked the moderators to change the description to a correct one. One of them, Nico.Muselle (https://www.tradingview.com/u/Nico.Musel...), agreed with me and we elaborated the correct text. This text was verified by Akil Stokes (a trading coach from Tradeempowered): "The (discovered and defined by Darren Oglesbee) is a 4-leg pattern. In a perfect the AB leg should be minimum a and the close should not exceed the of the XA leg. The C point should exceed the and should not close beyond the 1.414 projection of the XA leg, and the D point should be a of XC". Initially this text was accepted and the description stood correct. But then TradingView updated its design and the description was changed to a wrong one again. I just don't understand it. Comment below if you wish TradingView provide only quality stuff.