People who aren't used to coming to this blog and have only a little knowledge about elliott wave might find all the wxy labels confusion, don't worry they're called complex (double threes) for a reason. It's not so hard to understand, instead of an abc where the last wave, wave c, is a 5 wave move, a wxy has the last move, wave y, as a 3 wave move, but it's a lot harder to find them and there are a lot more options for the correction to evolve into something else. This is also why i have the last wave on the chart, the wave we are in currently, as an abc flat. This implies that the decline will be impulsive and any sign of an impulsive move from the top even on small timeframes could be considered as a start of wave c. On the other hand, if this decline will be a wave y, even on the smaller timeframes, you will find a lot of overlapping corrective waves. We'll have to wait and see how the market will play it out. The important thing is that this latest rally, be it wave b or x seems finished ( unless this is the first leg of b/x ) and price seems ready to continue the downtrend.
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