Agreed. I apply the technique directly to price action that I identify as impulsive and corrective. In other words, I am buying/selling the corrective pullbacks. I do believe that price movement has a fractal nature. When trading the eminis intraday I sometimes wonder about the "fundamental" analysis. I trade price. I hate to say it, but Elliott wave applied in a practical way does work for me in the markets.
I use them as secondary confirmation... For example, if I have a pattern, I enter after a solid close thru the 68.2% level
theses are hard and trying indicators. at first I was just using them for 50% retracement levels. but then I dug deeper and read about them and asked anybody who knew about them. I found how to use the fib time,circle,extension, and retracement. these numbers work because they are just support and resistance areas. if you place them from the right points they work.
Learning about fib many years ago changed my thinking from 1.000 s/r-levels to ca. 0.786 and 1.272. 80% of traders look for horizontal support(1.000).
It's becoming clear that anyone from the Maverick branch of Assent in Chicago is a potential homewrecker.