Why Learn Elliottwave (Hindoil exploration)

Hi friends,
                   Continuing with my topic Why learn Elliottwave ,Lets discuss a stock
Hindoil exploration ,Let me put the chart to explain my study further.

From weekly chart we can
see the stock has finished
5up or abcde by 2009 end.
And after that we saw a big
correction in it wxy.
It finished near 22 levels
in august 2013.The stock
started uptrend and right
now trading at 52.80,Its


nearing trendline resistance 61.40 ,Once this resistance is taken out ,The confidence in this
uptrend would be high.Above 61.40 the stock has potential to double  and should
target new high.
This assumption holds true if we hold 22 .
Lets see how this stock performs keep an eye on this.
Regards
Rish