First 1-5 pattern is perfect and the second 1-5 prediction is also sound. Triangle is well formed but ABCDE is a little pointless in ranging market.
I draw two fractals or similar patterns but they have different scale. Inside ranging market everything functions the same as in your 123 pattern but in smaller scale so labeling touches of support and resistance line have no meaning in bigger world of your 1-5 patterns.
When you star to look at charts as a worlds in worlds you will start to fill their fractal nature. You will be surprised how many meanings you can deduct from this.
You will find out that ranging markets viewed from higher fractal worlds are just boring and have no importance. I just ignore them. But if I want to investigate some detail inside ranging market i go from higher fractal to smaller one and full fill my curiosity. You can jump between this worlds just with changing the frame interval on chart (1 day -> 4h for instance).
So the bottom line: Count waves always in one world only. They must be approximately the same size. and ignore ranging sections, they are boring.
p.s. This is a little of topic of your question. What do yo think about "Upvote Mayself no More" movement?
Thank you very much for the lesson @tombort! Appreciate it. :-)
I upvote my posts, and a small amount on comments too (although not always).
I think if you're a whale then maybe you shouldn't upvote yourself so much, but that if you're new and/or a minnow then you should feel free to do it. You need Steem power for your vote to be worth something, even if you're curating.
I try to keep my self voting down below 25%, you can check it out here:
http://www.steemreports.com/outgoing-votes-info/?account=futuristgear&days=180
Everyone's different though! :-)
Also, there is meant to be another Hard fork on Steemit soon I think, and I remember reading that self-voting will be worth less, so it could change anyway.
You can do as you wish I don't blame you for anything! I use upvoting just to check it out, how it works. But my opinion is that if you vote others for good work others will return a vote and you will get a reward for your persistence and effort. It is simple as that. Trust for trust, support for support this will make Steemit great in my opinion. If it works for me will work for you also.