If you do a bit of research, Prechter is almost always wrong. He was saying the market was due for a massive sell off since 1998, in which case you would have 1) missed the whole run up and 2) almost 100% have had no money left to bet with had you shorted, as stuff ran into the thousands of percent gains (a lot of stocks).
His theory makes sense if you watch charts, but I have NEVER seen anyone apply it with rules and show me results that make me impressed. Sure I have seen people use it, but they never do that well vs other methods, which all of them usually do not do much better (and often worse) than the overall market.
This is not to say it cannot be done, but the people who can do it DO NOT publish what they are doing, write books, or in general share the idea. If you believe the market is a discounting mechanism, as soon as an idea is known the market will start compensating for it as users adopt the ideas. Eventually any edge is rendered useless. This does not mean the edge loses, it means that it basically reduces it to no better than the market over time.