Longer term snapshot:
Besides using EW and Fibonacci ratios as tools for forecasting and prediction in any time frame,
this is a typical example of a 'trademark' of these tools for searching and setting up trades of good R/R
- giving tight SL at invalidation points and Fib extension full swing targets.
It's a money management device for reducing losses and maximizing gains.
EW trading is not an after thought or hindsight either.