I'm not a pro level Elliotician so I'll comment as I see it.

It wont identify the reversal in this case as it's not technologically complete without further option. So the benefit of Elliot anylysis here is to keep you informed that there is potential to fall and a break point where it will stop being a problem.

For this reason I find the Elliot chart pattern combo a nice tool to add to the TA.
Pure reliance on anything will eventually fail, just like my boiler come winter.

*edit *
Sorry for some reason I thought I was replying to a reply and jumped in the convo. I'll leave it here as I still think the answer is relevant.