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Ivy too much of a reach?

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My daughter has a 3.9 GPA (which is weighted, that's all her school does). Her school doesn't rank, but they do send out a school profile which shows her GPA to be in the top ten percent of the class. She recently got her ACT score which is a 34. She is very interested in applying to an ivy ED and is being discouraged from doing so by her guidance counselor, who says you can't get in with less than a 4.0 and not to waste an ED application on it. We will need financial aid so it's also appealing that ivies (at least the one she is looking at) meet full need - some other schools she is looking at are "need aware." I don't post much but I do read, and I see plenty of kids applying to ivies with similar stats, although I'm not sure if they get in. Is it truly a waste of an ED application given her stats? Thank you.

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