We can better visualize the conditional by using the flowchart for this code,

if x == y:
    print('x and y are equal')
    if x < y:
        print('x is less than y')
        print('x is greater than y')
 Visual description of conditional 
The outer conditional has two branches. The second branch contains another if statement, which has two branches of its own. Those two branches are both simple statements, although they could have been conditional statements as well.