Elliot Wave is a scam. It's as junky as MACD, Stochastics, Iruku's cloud & all the other crap that amateur traders use. Amateur traders use technical analysis & filter price action in artificial manners (MACD, stochastics, Fibo-snatchi, elliot, gann lines, bollinger & tea leaves). This is why 80% of amateurs lose money in futures. THE LAW OF CAUSE & EFFECT IS THE IRON LAW OF THE UNIVERSE. If you do what other unsuccessful traders do you, you too will eventually lose money. Sorry, I know this is a negative post but too many people are struggling needlessly because they've never been given straight talk on "technicals." Personally, I wouldn't be caught dead with a moving average.
It is how they use the technical indicators, not the indicators themselves that lead to losses. People need to learn how to gamble first (read Harrington's poker books). After that they can learn how to use technicals to make money.