The Rotated Ellipse is similar to the standard ellipse tool except that it is possible to place the start and end of the ellipse against the highs and lows on the Chart. This process is related to work done by George Bayer. I leave it to the reader to research this concept further.
Referring to the graphic, we can see how the market has a tendency toward being contained within the limits of the ellipse and how a trend change is indicated when the ellipse is exited by the market.
The Highlight is provided so that the area described by the line is visually more obvious to the viewer.
Usage
Select the button for drawing Rotated Ellipse from the Toolbar.
Move the mouse pointer over the starting position for the Line. This may be either a high or a low price.
Press the left mouse button once, and keeping it pressed down, drag the mouse pointer to the desired end point and release the left mouse button.
Properties
The property editor as well as other functions may be accessed by holding the mouse pointer over the Ellipse lines and Clicking the Right Mouse button. A popup menu will appear (see picture).
The user may then open the Indicator Property Editor, move the Ellipse above or below other indicators, Hide the Ellipse or delete the Ellipse from the Chart.
Property Editor
The property editor as well as other functions may be accessed by holding the mouse pointer over the indicator line and Clicking the Right Mouse button. You can also access the Property Editor directly by 'Double Clicking' on the line. All the drawing tools share the same property editor allowing the user to alter the following properties:
Line Color
Line Width
Constraint ( Width/Height ratio)
Translucent Color
Translucent Visibility
Translucent Strength
After alteration, the user has the ability to set these settings as default for all future lines drawn on the page.
The property editor as well as other functions may be accessed by holding the mouse pointer over the Ellipse lines and Clicking the Right Mouse button. A popup menu will appear (see picture). 
The property editor as well as other functions may be accessed by holding the mouse pointer over the indicator line and Clicking the Right Mouse button. You can also access the Property Editor directly by 'Double Clicking' on the line. All the drawing tools share the same property editor allowing the user to alter the following properties: