There's different levels of support/resistance and most money is made from determining positions based on how assets act around support/resistance. I agree with buying a minor support level after a topping formation would not be profitable. Based on the limited timeframe shown I certainly wouldn't want to buy that "support". How about an asset class that has had significant stops go off for days and has created multiple inefficient gaps and is now headed toward exhaustion right at major support. This is one of the best opportunities. So I think it's a bit more complicated than support/resistance not working.
Forget about gaps and inefficiencies and imbalances...they are the same voodoo as S&R. Price does not bounce off support, or resistance. Sure sometimes it may give that impression, but a broken clock would give the impression of being right twice a day too.
It's not a matter of whether Support and Resistance actually exists, it's how strong it actually is at any one time that is the question. Support and Resistance occurs everywhere, even at the Supermarket when buying something.
When you lose a shit ton of money trading your EW system will we ever hear about it? Yeah I didn't think so.
Great call. Too bad you didn't have the conviction to act on it. Another shoulda woulda coulda. Oportunity lost. I know you'll let us know when you take a position.