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Yes, you are right just like the Fibonacci tool is a drawing object. If we would not have such a tool available, i mean the Pitchfork, we could still draw such an object by using the Fibonacci tool by keeping the 0, 100 and 50 percent levels visible. The idea is to link two legs on their middle point (50% level) with the line tool and copy/paste the line that join these 50% levels at the 0% and 100% levels of the Fibonacci scale.
Do you know of a drawing tool in Ninja to draw the expanding parallel and sliding parallel lines. I think the guys on Market Geometry use Ensign. The expanding parallel tool is pretty slick. I may try the Fib tool and see if that could be useful. I hadn't thought of that.
The 80% figure comes originally from Alan Andrews work, but Tim Morge did his own research and came up with similar results. In any case, it's a high probability setup. But the key is properly identifying valid pivots points.