Understanding the WXY Combination Correction – Mahindra & Mahindra (M&M)
M&M completed Wave 3 of the primary degree on 1 December 2025 and has been in a corrective phase since then. Let us understand the type of correction.
Under the Elliott Wave Principle, corrective structures generally unfold in three-wave patterns (A–B–C). The three basic types of corrections are: (a) Flat, (b) Zigzag and (c) Triangles.
Sometimes these corrective patterns combine together, extending the correction in both time and price. Such combinations are labeled W–X–Y (double three) or W–X–Y–X–Z (triple three).
In the current setup, M&M appears to be forming a WXY correction:
Wave W: An Expanded Flat, completed on 30 January 2026.
Wave X: A counter-trend impulse wave, completed on 11 February 2026.
Wave Y: A Zigzag (5–3–5 structure) currently in progress.
Within Wave Y:
Wave A of the zigzag completed on 11 June 2026.
Wave B may have completed on 7 July 2026, although a slightly higher retracement is still possible.
What would confirm completion of the correction?
The correction would be considered complete only after Wave C of the zigzag finishes. In zigzags, when Wave A is a relatively large structure, Wave C does not necessarily have to be much larger; however, it generally needs to make at least an equal or lower low compared with Wave A. That means Wave C should ideally move below the low formed on 11 June 2026.
From here, the key is to monitor Wave C as a five-wave structure. I’ll continue tracking the pattern and share an update once the correction appears complete.
Detailed wave markings are available in the chart for ease of reference. Educational purpose only — not a buy or sell recommendation.
M&M completed Wave 3 of the primary degree on 1 December 2025 and has been in a corrective phase since then. Let us understand the type of correction.
Under the Elliott Wave Principle, corrective structures generally unfold in three-wave patterns (A–B–C). The three basic types of corrections are: (a) Flat, (b) Zigzag and (c) Triangles.
Sometimes these corrective patterns combine together, extending the correction in both time and price. Such combinations are labeled W–X–Y (double three) or W–X–Y–X–Z (triple three).
In the current setup, M&M appears to be forming a WXY correction:
Wave W: An Expanded Flat, completed on 30 January 2026.
Wave X: A counter-trend impulse wave, completed on 11 February 2026.
Wave Y: A Zigzag (5–3–5 structure) currently in progress.
Within Wave Y:
Wave A of the zigzag completed on 11 June 2026.
Wave B may have completed on 7 July 2026, although a slightly higher retracement is still possible.
What would confirm completion of the correction?
The correction would be considered complete only after Wave C of the zigzag finishes. In zigzags, when Wave A is a relatively large structure, Wave C does not necessarily have to be much larger; however, it generally needs to make at least an equal or lower low compared with Wave A. That means Wave C should ideally move below the low formed on 11 June 2026.
From here, the key is to monitor Wave C as a five-wave structure. I’ll continue tracking the pattern and share an update once the correction appears complete.
Detailed wave markings are available in the chart for ease of reference. Educational purpose only — not a buy or sell recommendation.
ChartTheWave |
t.me/chartthewave
This channel is a common forum for "Elliott Wave Principle" enthusiasts, learners and practitioners. We aim to build a team of traders who practice EWP for common benefit; co-learn, teach, share, validate and benefit.
t.me/chartthewave
This channel is a common forum for "Elliott Wave Principle" enthusiasts, learners and practitioners. We aim to build a team of traders who practice EWP for common benefit; co-learn, teach, share, validate and benefit.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
ChartTheWave |
t.me/chartthewave
This channel is a common forum for "Elliott Wave Principle" enthusiasts, learners and practitioners. We aim to build a team of traders who practice EWP for common benefit; co-learn, teach, share, validate and benefit.
t.me/chartthewave
This channel is a common forum for "Elliott Wave Principle" enthusiasts, learners and practitioners. We aim to build a team of traders who practice EWP for common benefit; co-learn, teach, share, validate and benefit.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.