In my latest video we look at a pattern that has emerged in relation to SPS' price action.
The pattern is called a double three, which is a sideways combination of two Elliot Wave corrective patterns that are interconnected by another intervening wave. Included in this pattern could be a zig zag, flat, or triangle. When two of these corrective patterns are combined together, we get a double three. These connective waves are represented by WXY.
The Guidelines:
• A combination of two corrective structures labelled as WXY
• Wave W and wave Y subdivision can be zigzag, flat, double three of smaller degree, or triple three of smaller degree
• Wave X can be any corrective structure
• WXY is a 7 swing structure
In addition it's important to understand the Fibonacci Ratio Relationships between these moves.
The following are the relationships we need to know:
• Wave X = 50%, 61.8%, 76.4%, or 85.4% of wave W
• Wave Y = 61.8%, 100%, or 123.6% of wave W
• Wave Y can not pass 161.8% of wave W
In the video we plot out the variables of the pattern and talk about how it forms.
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