Nifty – I have marked as wave “x” the last upswing, as giving an indication of a double (triple zigzag?)
In case it is we should correct as above and THEN resume our bull run again.
When the zigzag correction occurs as the X wave within a double or triple zigzag correction, it typically displays the following characteristics:
1. X wave is always a corrective wave that occurs between two corrective waves (W and Y) in a double or triple zigzag correction.
2. X wave is always smaller in magnitude than wave W and has a lower degree of trend.
3. X wave typically retraces 50-78.6% of wave W.
4. X wave usually takes the shape of a three-wave pattern, such as a zigzag or a flat.
5. X wave can be more complex and can take on other corrective patterns, such as a triangle or a double three.
6. X wave usually shows a sharp and swift movement in the opposite direction of wave W.