The simple concept of Flip zone/level (S broken becomes R and vice versa) is probably as old as when TA became popular. The trouble with Folks and I am no different is that we always think simplicity as unsophisticated thus ineffective. Complexity is sophisticated therefore effective. That is why there is such a plethora of methods, strategy and especially toolkits out there all promoting to the uninitiated the power of complexity.
How many times have you see charts posted with all the "chicken scratching" and the eyes are lead astray. I should know since I started this way with all these indicators all purporting to give me an "X-ray" vision or some call the hidden message of the indicators. The chief culprit is the bullish/bearish divergence. This is a sophisticated attempt to mask a typical picking top and bottom indulgence I see all the time!
Classic S/R can be effective in stocks but I implying the "splitting of hairs" by suggesting there are many forms of S/R levels. You will hear Supply/demand zones as further evidence of the strategy diverging from the standard wisdom. I have not investigated it fully to make an opinion but the DNA is sound because I am biased to horizontal lines. There are other forms of S/R lines that I use but requires much more than a few paragraphs to 'explain'.
The basic concept of these 'other' methods is the fact price is always contrary to what one expects. Before it rallies, it falls first is the clue and vice versa. Much more 'evidenced' in the commodity/fx world. Good luck
