Elegant could be a vague term because everyone defines it differently. However, we can quantify it by several standards.
First, the posture. Stay upright, pull the shoulder blades back, engage the core, look slightly above eye level. No matter how beginner you are, as long as you have a proper teacher, you'll know how a correct posture is.
Second, the footwork. T, H, TH, HT. Remember these keys on the syllabus? We label the foot with ball, heel, toe, flat, inside edge and outside edge, not because we want a scientific classification, but because we need to apply different parts of the foot for different figures. Footwork applies in all figures, even the walks.
Third, CBM. Aiya, CBM is the nightmare for all ballroom beginners, but it is really really important. It is essential in both smooth and Latin Am. dances. Surely it is mentioned in almost every smooth figures, but take a look at the figure descriptions in the Latin Am syllabus, CBM presents quite frequently.
Fourth, body separation. Keeping CBM needs body separation, having the hip actions also requires good separation. Oh, in fact, if you don't have a good control in body separation, you properly can't remain a good posture- you need to adjust different parts of the body particularly.
The Walks and The Turns (part 1)- breaking the figures
The Walks and The Turns (part 2)- there is something called Walking Technique
The Walks and The Turns (part 3)- the walking turns
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