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I've been reading on the largest-triangle-three-buckets downsampling method for downsampling. Though it was originally published in the thesis "Downsampling Time Series for Visual Representation", are there any limiting factors of that algorithm that limits it using with other types of data?

I couldn't find any examples in the web other than its use cases with time-series data.

For example, can it be used to downsample the magnitude of the fourier transformed signal(frequency spectrum)?

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