Why do WW patterns fail...? I recently stumbled across some educational videos by Georgtrio at http://www.stochastic-macd.com/convergentsignals.htm that may help to see things more clearly. The videos deal with convergent signals, which is an area where bulls take profit and bears enter the trade, making for a very powerful confluence of opinion and strong moves.
In the chart below, you will see a WW formation that fails to reach the 1-4 line, as there is strong support to the left. Also, the 1-3-5 line diverges from the 2-4 line; does this divergence indicate a WW failure? I have read that the WW lines should converge; maybe this factor makes the difference between pattern success and failure.
In his videos he also talks about the AB=CD pattern and the fractal nature of price across time frames.