That’s not entirely true. The definition of left and right wing generally isn’t followed when actually applied. My personal way of defining it, is that most people consider left-wing = socialism, so imo the more socialist it is the more left it is, the more free market it is the further right it is.

Oxford says this for right wing:

the section of a political party or system that advocates free enterprise and private ownership, and typically favours socially traditional ideas; the conservative group or section.

So, how exactly, is Nazism far-right? They did not advocate free enterprise at all. Same with fascists that are corporatist. Yet, people like Richard Spencer are called far-right, because they’re racist? That makes a term like far-right a pejorative and not actually describing an ideology.