medium · Elliott Wave Theory complex
In a W-X-Y double combination, the X-wave rallies and retraces 75% of the preceding W zigzag.
What does this deep retracement suggest about the nature of the overall correction?
- A new impulse wave has begun and the correction is over
- The analyst has made a degree error and should move to a monthly chart
- The correction is a 'Sideways Combination' intended to consume time
- The correction is a 'Double Zigzag' intended to produce significant depth
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