Here I will not Explain the Theory as such , but when the Price behavior was studied by R N Elliot and initial findings was explained in clear manner by him , He was more logical then then any other hypothetical theory , but what people get in Net or in education as Elliot wave theory its not fully correct unless use the logical explanation,
Most of the message indicate what is going on , and what you can expect to happen in future , which is again one the possible probability,
Good luck