I never did think about this, till you brought it up.
But isn't such theory more adequately applicable in a non-wildly-fluctuating market?
Cause for all I know... BTC might go down 1% for weeks, before actually heading to the resistance.
The fluctuating market still a chance for every new traders to come now. If btc will go down, then its time to think wider than before in order to sustain with the current threats of our involvement with cryptocurrency.