Editing Elliott wave principle (section)

==Wave degree==
The Elliott wave principle explains that market movements form recurring patterns of five-wave and three-wave structures, which repeat across various timeframes and exhibit fractal-like behavior. Each level of such timescales is called the degree of the wave, or price pattern. Each degree of waves consists of one full cycle of motive and corrective waves. Waves ''1'', ''3'', and ''5'' of each cycle are motive in character, while waves ''2'' and ''4'' are corrective. The majority of motive waves assure forward progress in the direction of the prevailing trend, in bull or bear markets, but yielding an overall principle of growth of a market.

The overall movement of a wave one degree higher is upward in a bullish trend. After the initial five waves forward and three waves of correction, the sequence is repeated on a larger degree and the self-similar fractal geometry continues to unfold. The completed motive pattern comprises 89 waves, followed by a completed corrective pattern of 55 waves.<ref name=Poser>{{Cite book | last = Poser | first = Steven W. | title = Applying Elliott Wave Theory Profitably | location = New York | publisher = John Wiley and Sons | year= 2003 | pages = 2–17 | isbn = 978-0-471-42007-1 }}</ref>

Each degree of a pattern in a financial market has a name. Practitioners use symbols for each wave to indicate both function and degree. Numbers are used for motive waves, and letters for corrective waves (shown in the highest of the three idealized series of wave structures or degrees). Degrees are not strictly defined by absolute size or duration, but by form. Waves of the same degree may be of very different size or duration.<ref name=Poser/>

While exact time spans may vary, the customary order of degrees is reflected in the following sequence:
* [[Grand supercycle]]: multi-century
* Supercycle: multi-decade (about 40–70 years)
* Cycle: one year to several years, or even several decades under an Elliott extension
* Primary: a few months to two years
* Intermediate: weeks to months
* Minor: weeks
* Minute: days
* Minuette: hours
* Subminuette: minutes
Some analysts specify additional smaller and larger degrees.