Let g 0 , . . . , g k : N → D be 1-bounded multiplicative functions, and let h 0 , . . . , h k ∈ Z be shifts. We consider correlation sequences f : N → Z of the formwhere 1 ≤ ω m ≤ x m are numbers going to infinity as m → ∞, and lim is a generalised limit functional extending the usual limit functional. We show a structural theorem for these sequences, namely that these sequences f are the uniform limit of periodic sequences f i . Furthermore, if the multiplicative function g 0 . . . g k "weakly pretends" to be a Dirichlet character χ, the periodic functions f i can be chosen to be χ-isotypic in the sense that f i (ab) = f i (a)χ(b) whenever b is coprime to the periods of f i and χ, while if g 0 . . . g k does not weakly pretend to be any Dirichlet character, then f must vanish identically. As a consequence, we obtain several new cases of the logarithmically averaged Elliott conjecture, including the logarithmically averaged Chowla conjecture for odd order correlations. We give a number of applications of these special cases, including the conjectured logarithmic density of all sign patterns of the Liouville function of length up to three, and of the Möbius function of length up to four.