To be fair to Ralph Nelson Elliott, his financial data curation skills 90 years ago sounds pretty impressive. Interesting in the way some antiques can be interesting. You have to not fall prey though to this fallacy and magical thinking that there is some hidden knowledge known by the ancients that was lost but a select few have uncovered it today while most don't "believe". That is straight religious and magical thinking. To me, Elliot wave is like believing the pyramids were built with special lost powers instead of just normal people with crude tools compared to today. Almost a type of insult too as if they were not using the best technology for their time and as if they would not use modern technology. I imagine the data Elliot had collected was so powerful when most had nothing that he really did believe he figured out a secret to the universe. It is really a tale though of how tons of data can lead you to ridiculous conclusions.
There are many misnomers about EWT. One being that he ascribed magical, mystical qualities to it. He did not. Just like indicators it can be an effective tool in the hands of an experienced, knowledgible user.