Because it is a theory, it works in theory only. In actual practice, it doesn't work. Most likely Elliot did not spend thousands and thousands of hours looking at charts.
The thing with technical analysis is that is was all invented when the gold standard was in place so is it relevant when US M1 money supply goes up 40% in one month? Trend following is useful and revalent.
It's not really cut and dry. Yes you see it, but not like the beautiful patterns described by gurus. The pattern can sometimes just consist of a tiny squiggle on any given leg and basing trade decisions on it isn't worth it imo.
Lots of stuff like EW likely used to work But we're in a different time now. Forces are in place that ensure we will keep going a lot higher and the rules have changed. Best to just trade using a 'long only' trend following system of some sort. Or just use an oversold occilator and buy. A lot easier tot make money now since we all know where we're headed! You'll thank me when the dow is at 100k!
Looks Great After the fact, but useless live, only way to make money is to teach it to others. IGNORE!!
EW is worthless: there are 7 rooms with EW in their name and 1 more that "trades" EW: 24elliottwaves.com elliottwave.com elliottwavegold.com elliottwavetrader.net elliottwave-forecast.com ewotrader.com thewavetrading.com None trade live, in fact no trades at all and none have a track record of performance. Grade F