[Sniper]

Jeff,

In a nutshell, it has merit, for the simple reason that some people trade by it...

imo, Elliot wave falls into the category of analysis tools that, as a trader, you should know about, but not use as your primary tool in making market timing decisions.

At best, its just another tool in the toolbox.

There are a few books you can read, if you want to get a better understanding of it.