If you use it to determine whether you are likely to be in a trend move or countertrend move, it does. If you use it to predict where the market is going - probably not. That Elliott's waves exist is an easily observable fact. Is the market always in an Elliott wave of some kind? No. Another easily observable fact, if you don't become obsessed with counts and always being right. Used to simply determine how the market is moving trend or countertrend, it can be quite valuable. Anything more than that, it will probably be disastrous. If the first rule of trading is always to trade with the trend, Elliott wave is best way to know that you are doing that with any precision at all.
Beyond this your question will probably garner nothing but lunacy or flames.
Joined Nov 2007
Status: Conscious Incompetence
For some people it does and for others it doesn't. It's just a way to look at the market and each person has their own filter on how they view the market so-to-speak.
I don't know your level of experience in the markets, but you can always trade it on demo for awhile and see if it 'clicks' with you, if not move to something else. I personally like trading price action at areas of support and resistance.
Try different things and over time you'll find a method that is right for you.
Don't wish it were easier, wish you were better. ~ Jim Rohn
Joined Oct 2008
Status: Sentiment and Global Macro
It works if you know how to spot reversal points in price. It works in hind-sight because you can clearly see the reversal points. Also, you must know the difference between reversals and retracements. If you have no idea in spotting reversals in real-time, then Elliott Wave is probably not for you.