Many Elliott wave practitioners call every WXY structure a double zigzag structure when in reality, every WXY structure is not a double zigzag structure. In this video blog, we explain the difference between a double zigzag Elliott wave structure and a double three Elliott wave structure and take a look at a double zigzag structure which is unfolding in the market right now.
Double Zigzag Elliott Wave Structure
Image below is that of a double Zigzag Elliott Wave Structure. Wave (W) is a zigzag in which both A and C are in 5 waves. Same is the case with wave (Y) and again both A and C are in 5 waves and that’s why it qualifies as a double zigzag Elliott wave structure. Now, wave (W) can consist of any corrective structure, it could consist of a lesser degree W-X-Y and same with wave Y and if that’s the case, then it would be called a double three Elliott Wave structure. Thus, to conclude we could say that every double zigzag structure is a double three structure but every double three structure is not a double zigzag.
SB_F Sugar Elliott Wave Analysis: Weekly Chart
Below is the weekly chart of Sugar Futures which shows 5 swings a zigzag drop from $36.08 down to $10.13 followed by a 3 waves bounce to $24.27. After this, Sugar futures dropped below $10.13 in 5 waves and started bouncing. Cycle from $24.27 low ended at $9.91 and Sugar is now in a bounce to correct the decline from $24.27 peak. As bounces fail below $24.27 high, Elliott wave sequence calls for Sugar futures to make another swing lower below $9.91 to complete 7 swings or a double zigzag structure lower from $36.08 peak.
SB_F Sugar Double Zigzag Elliott Wave Structure Video
Video below explains the difference between double three and double zigzag Elliott wave structure and also we show the daily chart of Sugar futures. Sugar futures have already done 3 swings up from the low of wave “a” and wave “b” could be over but still could do 7 swings up in wave “b” so we highlight the next area of interest for wave “b” to complete and sellers to appear for new lows or a 3 waves reaction lower at least.Back