EW analysismay work out successfully for you "on balance" and if so it should not necessarily be abandoned just because it is based upon a faulty theory.  Just because the market does not necessarily follow the EW structure that EW theory proscribes on it does not mean that it does not often follow that structure, at least for periods of time.  When it does not behave in accordance with EW theory though, the problem is not with EW theorists' counts but with the theory; the theory is not nearly as robust as it claims.  Unfortunately, EW theory often attracts people with a mystical sort of bent who find it hard to accept that the theory has its failings and therefore blaim themselves when it does not work.