These 2 charts show my previous post in the bigger picture.
The fun in EW charting is that if your truly understand the theory, yes you can chart microsquiggles and the more you do it, the better you become. The hardest part I think is corrective waves, particularly when double correctives start stacking up at numerous degrees.
Why are there double (or triple) correctives ? Its simple. When the market performs a corrective pattern, if that pattern is not "sufficient" in either a) time b) price (or both) then the market will trace another corrective pattern. The "connecting" or combining wave between the two correctives patterns is known as the "X" wave. And it also is a corrective pattern, usually a zig zag. So actually you can say a combination consists of 3 patterns but the proper way to approach it is to call it 2 patterns with a connecting X, or a simply a combination . The term "double three" is also used and this implies a general sideways movement. The better term to use is "combination".
We then label the first corrective pattern in the "double three" or "combination" as a W. The last corrective pattern is labeled Y. If there is a third corrective pattern it will be labeled "Z" with a second X wave in between the second and third patterns. Triple combinations are rare at any degree. I don't think I ever charted a bonafide triple three at any degree.
My one chart here shows numerous double corrective patterns (mostly double zig zags) at several different degrees. Its an excellent example of how confusing it can all be unless a light bulb just went on in your head like it did me over time. However it is proper EW theory application. Simple? Once you learn the "rules" and guidelines, its not too hard. But yes it takes practice and I have been counting most every squiggle for about 8-9 months running.
Let me explain it another way: Primary wave 2 is a corrective wave pattern, or an ABC "three". If the market decides P2 needs to trace from 666 to 1000 it will try and perform that in a giant 5-3-5 zig zag. But it already traced a zig zag and it left it short of the mark. I call this wave Intermediate (W) So apparently it isn't done and now there needs to be an (X) wave corrective pattern and then a (Y) wave pattern to peak.
This Intermediate Red (X) wave will itself, consist of a valid ABC pattern or a "three". But suppose the market traced a 3-3-5 flat (it did) but there wasn't enough time (or price or both) spent in corrective mode so it needs to perform a double corrective. The connecting wave will be known as Minor Blue X. After the X wave, the last corrective pattern plays out.
Now lets suppose that inside that Minor Blue X, the market needed to trace higher than 915 and perform more "time" in corrective mode. It fell short of 915 and the time was insufficient so it also was a double corrective with its own Minute degree green [x] wave.
See how that works? Depending on what degree your referencing, it can be tricky. Whats even trickier is when I change the degree labels every other night trying to "tune in" the proper degree labeling. It can be maddening yes. You don't know which X your in at any one time hehe.
I have to get better with that I agree. I hope this post helps a bit on double correctives.