ORE Chart, page-1966

EW is generally most useful for trading the wave 5 once the previous 4 waves have completed and show good adherence to typical EW rules.
You can't just predict the future at any point in time from some random chart patterns.
What Gareth is trying to do is to ascertain where we might be currently in the wave count and start to hone in on likely future movements. Right now there's lots of variables at play, but as the waves start to play out these variables will decrease allowing for more certainty on price and timeline predictions. Go back through the GXY chart thread and you'll see some great examples of a few of us nailing predictions virtually down to the cent and the day during the last wave 5 movement.
In saying that, wave 3 is typically where the vast majority of price appreciation occurs, so if you are bullish on a company and it has a history of elliot wave patterns (which ORE/GXY does) then you want to be holding for the wave 3 if possible.
Personally I think we are in thee midst of wave 3 and likely to see some very strong SP growth in the coming months, but how much and over how long it is far too early to say. Attached is a stab at it I did a few weeks ago which so far is playing out pretty well. A possible wave 3 turning point would be around the $15 mark on the 1.618 fib extension.