Frenchee
From what I've seen it works for all of them. You could also define the range in six (6), nine (9) months etc. I guess for best results it would be better if you knew the exact (commodity, equity, etf… etc) cycle length better just like in the Commodity Channel Index (CCI). Inline with this, others will tend to bounce between the 50% regression lines that’s why I always include it in my chart setup. Hope that answers you.