I think the main problem would be the method uses cross referencing of hard data from the same area / time / etc.
I doubt that the area, in terms of climate, vegetation, rainfall, etc, would change much over a period of say.. a hundred years. So, as it's already been said, you arn't going to get a very accurate answer.
Unless, something major happened, like a flood or drought, at the same time the candle was made.