Gapnap is right! (He always is...

)
Thumb + Index = Maximum Speed, Least Dynamics
Wrist = Moderate Speed, Moderate Dynamics
Elbow = Least Speed, Maximum Dynamics
Of course, the above is just 'in general'. If you work on using a certain part of your arm/hand/fist/weapon hard enough, you can maximize both speed and dynamics just by using either part!
Example, I think Yngwie Malmsteen uses practically only his thumb + index, yet his playing is lightning fast with dynamics as well. Paul Gilbert is a wrist user, very fast with good dynamics as well.
As for John Petrucci, I'm not too sure, perhaps the hardcore John Petrucci fans can help me out on this one? He seems to be using his elbow a lot, yet he achieves insane speed with alternate picking.
And there are guitar players who combine all as well.