This theory has helped technicians for decades to understand the major trend of the market / index or stocks. Many Elliotticians do the blunder of giving up the most basic and important technique which helps us to stay objective at times when the forecasting tool like Elliott wave might give a few other probable scenarios. A combination of both of this technique is a lethal tool one can use and imagine when you combine this along with time cycles and momentum indicators to time the market! Trust me it gives a thrilling experience.