Bearish CypherAppears the 4th leg terminated right below the .786.
No recommendation.
Crooked W.
Valley 2 is lower than valley 1.
The 2nd leg, AB is the retracement leg and it pulled up to just above the .5 fib level, which is between the .382 and the .618 and adheres to the Cypher's rules.
The 4th leg appears to have completed very close to the .786.
The Cypher is measured from point X to point C to calculate the final leg.
There is a bullish version of the Cypher as well.