elliott wave theory

i've always seen fibonnaci and elliott wave theory (basically, anything that forcasts) as a bit hocus pocus. however, this weekend when i was browing through some charts, i started to see the 5 wave thing appear many times. i don't have any experience trading with this, and so i was wondering if any elliott wave traders could answer this for me: roughly how accurate is the forecast and what are its limitations?

forecasting and how you trade it is 2 different thing.
also, it really depends on how accurate your count is.
i've seen others call ew subjective... well, even amongst themselves have subjective views on their charts. long, short, short, long, i'm short, and ya di ya di ya. lol.
when you do recognize the right pattern, it can be your powerful ally.
that's all i can say. gl.