In order to take a highly profitable trading decision we have to use the most efficient tool. Avoiding the commonality principle would greatly enhance the clarity of our analysis:
- For trending: orthodox and unorthodox trend lines, contextual, regional and local pitchfork, channelling with its up/down extensions and 34-ema [(H+L+C)/3],
- For reversals: Parabolic SAR, Count Back Line (CBL) described in Annexes of the books and the quest for old high and low levels,
- For R/S detection and targeting: Fibonacci ratio levels associated with the R/S key levels producing multiple clusters concerning the immediate past and also the multiple time frame levels. We strongly advise the use of the Elliott wave trend lines and their extensions (W0-2, W1-3 and W2-4).