Dynamics of a WXY Elliott Wave Structure

In this educational video, we are going to take a look at (W)-(X)-(Y) Elliott wave structure which is one of the most important structures in the market. It is a 7 swing Elliot Wave structure and is commonly known as a double zig-zag but we would like to point out that every (W)-(X)-(Y) structure is not a double zig-zag. For it to be a double zig-zag, the internal structure needs to be a 5-3-5  – 3 – 5-3-5. If not, then it’s a double corrective or double three Elliott wave structure. We also take a look at Silver 480 minute chart from 1/21 peak so show a WXY structure in progress expected to complete between 15.51 – 15.08. It could close a cycle from 1/21 peak in this area or bounce in 3 waves and then turn into a triple three (11 swing) or WXYZ Elliott Wave structure.