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Gail India has completed its 4th corrective wave, where wave C is the last leg of correction.

Price took 27 weeks to complete the corrective wave ((4)).
After completing the wave ((4)), the price has broken the sub-wave iv and signaled a rally. It also has entered into the corrective channel, and this rally can make a new higher high.

The traders can expect the following targets 149-156-170+ for impulsive wave ((5)).

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Wave Formations:

Wave ((1)) started to form an extreme low at 65.
– Leading diagonal

Wave ((2)) has retraced 0.618% of wave ((1)).
– Zigzag correction

Wave ((3)) has extended 2.618% of wave ((1)).
– Five wave impulse

Wave ((4)) has retraced 0.5% of wave ((3))
– Extended wave 5

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It looks like mother Sumi has completed the 4th wave correction, and the ending point of the corrective wave (4) is the starting point of wave (5).

Wave formations:
Waves W is a zigzag correction pattern.
Wave Y triangle.
Wave X could form any correction pattern.
Wave X is smaller than wave W & Y.

Rules and objectives:

1. Double three is a corrective structure that includes more than one type of corrective pattern.
2. It consists of three waves, which are marked W-X-Y.
3. A triangle may occur only as wave Y in a double three.
4. In most cases, double threes are not deep corrections.
5. wave Y usually ends at 100% – 161.8% Fibonacci extension relative to wave W.
6. Wave Y should not go below the 161.8% Extension of Wave W. It shows that the corrective trend is strong.

What are the double threes?

Price picks up momentum when it starts an impulsive wave.
After accomplishing the impulsive wave, it corrects the previous move by a three-wave pattern.
These three waves were not enough to complete correction because of the high momentum & directional power of an impulsive wave.
Price creates another three-wave move to complete the correction by merging through intermediate wave X.[b][/b]

Let me make it easy by explaining and structuring examples.

Double three Structure:

How to labialize it?

Real Example:

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