ABCD pattern?

Hey guys I've seen Elliott Waves & ABCD patterns a lot in the crypto market lately.

For an ABCD pattern to be confirmed the distance betwen B & C needs to be 61.8% of the distance between A & B.

To verify this we use the fibonacci retracement tool from point A to point B as you can see in red lines in the image below. And indeed the the fibonacci line we get at point C is very close to 61.8%.

If this turns out to be an ABCD pattern this means that the distance from C to D will be equal to the distance between A to B.

In other words, we can expect Bitcoin Cash price to go up to the previous ATH at around $1200 before seeing a major correction

Thoughts?