I have tried this method on Hi-Caps, pennies, currencies and even 15 minutes charts...it still works.
Follow only one set of colors at a time to understand the chart. The key point is point 2L. It is the lead point that establishes the angle on one side. That angle is carried to the opposite side, and sometimes set on the imaginary "post" 1p.
If you guessed right, the precision in this system can be very accurate.
The trickiness in this system happens when a 3 point hit occurs, then the next channel only has 2 points (a miss). If your sizing is right the channel post size will continue again in the next segment.
The easy way to find the sizes is backtest. They will continue if the size is right.