Well that could happen but its only one of dozens of possibilities - the purple line is the 15 EMA you can see in your circle to the left that it had a few whipsaws after the golden cross it quickly death crossed back - Although repeating patterns do happen they are unreliable to trade off at the beginning of the suspected pattern
once a trend is established you then look to support and resistance levels and then as a secondary you can look for repeating ranges - Note I said repeating ranges not repeating patterns.
WKT - Chart, page-5
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