Paul,

In regards to the P&F charts, they are easily accessed for free at www.stockcharts.com.

In my experience, the point and figure methodology relies on a progression of indicators to tell its tale. There are short-term indicators (Hi-Lo, 10-Week measurements) and longer 30-week indicators. As each turns, the advice is to push more chips on to the table. In this respect, the methodology is similar to yours, and it becomes a weight of the evidence call. The more oversold/overbought the body of indicators, the greater confidence one has that once a preponderance of indicators do turn in the opposite direction, the reversal can be relied upon.

I have not seen a quantitative study that specifies how often a turn up/down in the short-term indicators is reversed before the long-term indicators have an opportunity to turn as well (i.e., a whipsaw).