@haejin - I am practicing statistics and have expertise on multiple tools which can used for predictions. Though I agree Elliott Wave is one of the ancient method being developed in 1920 by Sir Nelson, but looking at the current world dynamics post certain limitation to this method. Here the points to consider - the first of the three objections is simply that the theory contradicts the Efficient Market Hypothesis. The counter argument goes that if Elliott’s theory were true and correct then all investors wise to the “trick” would act on it, and in doing so, destroy the very waves they had measured and discovered. The second is simply an observation that wave principle in general is too vague to be of specific use since it cannot consistently identify when a wave begins or ends, and that forecasts using this methodology are prone to subjective revision. Finally, there are some who believe that the principle is “too dated” to be of use, or even applicable in today’s markets. That technological, governmental, regulatory, economic and social changes have all occurred since the theory was first put forward, but that the theory itself remains unchanged and thus, unable to adapt to its new environment, or serve as a reliable predictor.

There are other reliable statistical tool and concept which can be used to better prediction considering aspect of panic selling, monopoly, uncertainty.

My 2 cents - Elliott Waves is one of tools to predict but not the best one. So please consider reading white paper, severity of the issue addressed by the coin, team background instead blindly relying on prediction graphs and past performance which are built considering assumption which may not hold right in the current dynamics.