medium · Elliott Wave Theory complex
An analyst identifies a potential Double Zigzag correction (W-X-Y).
If the X-wave retraces 75% of the preceding W pattern, what does this indicate according to structural guidelines?
- The correction is forming a sideways Double Three combination.
- The correction will likely be deep rather than sideways.
- The count is invalid as X-waves cannot exceed 50% retracement.
- The entire five-wave impulse has resumed.
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