Elliot wave has been shown to be correct about as often as it is wrong which puts it right up there with the coin toss - but slightly better at building your wealth than the roulette table - don't ask me to justify this - google it for yourself. Seriously - you will find Prechter have been wrong as often as right.
NOBODY can predict the markets. Prime examples are the run up of the dollar last year, and the HKG property market this year - now it seems obvious why it happened - but we did not see it coming. Elliot wave can't either.
Investment is firstly about not losing. If you can avoid loss you already halfway there. That is why we need our Prov fund setup to change - we need to be able to get out of funds much quicker to avoid loss.
Secondly invetment is about following a trend - if its going up - buy it , set a tight stop loss and sell it quick to avoid loss when it turns.
Waay easier than counting Elliot waves.