You and your friend may be right,i do not disagree.Plz be happy with whatever method you use,even Lunar cycle based Entries may give profit.Bashing EW is IN thing now a days.EW has many disadvantages as it is based on Hind sight.One who knows his tool can use it accordingly.Simple MA is lagging can it be useful in Stop Loss,for it's lagging ness.Like wise EW are Peaks & Toroughs in general term.If somebody tells you this is the last Peak or through you can initiate a position.EW tells you that extra,it can be proved to be wrong,but probability of a recent established Low & price not visiting that low in near time in a 5 Down Wave end is significantly good.
From last Feb i have been pointing out this factor.I have earned quite descent profit & FREE shares in my son's Demat.In Eveready also it may happen,but in this case i could not get my desired no of shares,becoz of that hind sight ,could not be sure.