I saw Jako's tag in the PLS thread. I don't know much about PLS but I did do an analysis of its chart a couple of weeks ago just as an exercise because I found it interesting. You can look up and below for a few posts on the stock and thoughts.
As for Elliott Wave, it's the most powerful predictive tool there is as far as I'm concerned. But you have to use it as a big picture road map only on the monthly chart and not try and analyse every sub sub wave. Particularly on spec stocks like PLS, EW is basically the science of bubbles and so shows the big picture, but there is not enough stability and liquidity to develop every little subwave.
For example, once the stock got support at $0.45, you knew it was heading back up into a Wave B with the target of $0.69 or $0.79 and that's tradeable.
I haven't been paying attention, but another leg back up now to complete Wave B at $0.79 seems plausible, which is what I think you were getting at in your post ozblue. I'd need to do more research to form a strong view though. Longer out it should go lower than $0.45, will certainly retest it, based on EW monthly chart.
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