I've found it useful.
The only bad trade I've had since using it was when I went against it.
I think the actual underlying mathematics/geometry of e-wave is similar to Zeev's thesis that the market is fractal. Yes, Mandelbrot's thesis is something similar.
Of course, this isn't meant to misrepresent Zeev and his notion of the fractal nature of markets, but I have seen that word in posts of his before discussing the nature of market movements.
In a long series of pseudo-random market movements, one can always find any number of such 'patterns',
One thing I find interesting is that the Elliot Wave theory actually has a limited number of patterns that recur. This is somewhat different from what you're saying, I think, because there isn't 'any' number, there are a specific number. I think that visually and conceptually, that limitation on the number of valid combinations of movements makes it easier to respond to market signals.
I know that pattern recognition is the basis of all technical analysis, I just have found the Elliot pattern set a bit more robust than others.
I do recall my finance professors saying that pattern recognition can be used to outperform the market, but that most people who tried to use it would fail, because they weren't good enough at recognizing patterns.
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