Yes you are absolutely right!, that gray pitchfork is nonsense!. I like your setup alot!, That downwards targets comes right at that green upper quartile of the green pitchfork!. From there we could indeed easily initiate wave 5!. Did you publish an idea about it?
True, that is the problem with EW...you never know how deep the corrections are! That is why I use median lines to sort of try to make an educated guess about where these corrections are going to be. In the case of GBP pairs: it hardly corrected! I had no buying signal :(
yes, I am trying to incorporate fib extensions as much as I can, usually they are very powerful deciding where waves 3 and 5 end. However they become less suitable with the corrections unfortunately!