Elliott Wave Forecast Team
ElliottWave-Forecast.com
In the video below, we explain the wxy Elliott Wave structure, often called a double three, double correction, or 7 swing Elliott Wave structure. We also compare this wxy structure with abc structure, explaining the similarities and differences.
Double Three Eliott Wave Structure (WXY)
A double three structure, or also called a double correction, or WXY is a 3 waves corrective structure where the third leg (wave Y) is usually 100% – 123.6% of the first leg (wave X) and not more than 161.8%. The subdivision of wave W is in 3 waves, and the subdivision of wave Y is also in 3 waves, thus it is a 3-3-3 structure.
Zig-zag Elliott Wave Structure (ABC)
A zig-zag Elliott Wave structure (ABC) is very similar to WXY. It's also a 3 waves structure and the third leg (wave C) is usually 100% – 123.6% of the first leg (wave A), and not more than 161.8%. The difference between the two is in the internal subdivision of the first leg and third leg. In ABC, the subdivision of wave A is in 5 waves and the subdivision of wave C is in 5 waves.
Wavers tend to be familiar only with ABC and label every 3 waves move as ABC. In reality, unless the subdivision of the first leg and third leg is in 5 waves, it's wrong to label every 3 waves move as an ABC. We hope that this video and article helps to clarify the differences and when to label as WXY and when to label as ABC.
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Editors’ Picks
EUR/USD stabilizes near 1.0500, looks to post weekly losses
EUR/USD extended its daily decline toward 1.0500 in the second half of the American session, pressured by the souring market mood. Despite the bullish action seen earlier in the week, the pair remains on track to register weekly losses.
GBP/USD falls below 1.2150 as USD rebounds
Following an earlier recovery attempt, GBP/USD turned south and declined below 1.2100 in the second half of the day on Friday. The negative shift seen in risk mood amid rising geopolitical tensions helps the US Dollar outperform its rivals and hurts the pair.
Gold advances to fresh multi-week highs above $1,920
Gold extended its daily rally and climbed above $1,920 for the first time in over two weeks on Friday. Escalating geopolitical tensions ahead of the weekend weigh on T-bond yields and provide a boost to XAU/USD, which remains on track to gain nearly 5% this week.
Bitcoin could be an alternative to US-listed companies but not in the short term
Bitcoin has dipped below $27,000, adding to the subdued cryptocurrency market sentiment. While short-term price concerns persist, analysts predict a rebound based on historical figures.
Nvidia Stock Forecast: NVDA slips as Biden administration attempts to close AI chip loophole
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