I have worked on this chart for a while- a tennis elbow technique chart :). What you have on your chart resemblances my chart. However, the question is: how much do you want such a time-consuming draw should reveal? The answer is: everything or almost everything. The tme frame of the chart is important.
Is there any reference to this technique or did you come up with it on your own?
Looks very interesting, and might have potential, Although I would venture that this works better in daily/weekly time-frames, to smooth out any price noises. Don't you agree?