* The basic Elliott Wave pattern consists of 8 waves which are often labeled as 1, 2, 3, 4, 5, a, b, c
* There are 5 waves in the direction of the main trend followed by 3 corrective waves (a.k.a. "5-3" count); Waves 1, 3, and 5 are called "impulse" waves while waves 2 and 4 are called "corrective" waves; Waves 1-5 can be either up or down; Waves a, b, and c correct the main trend and always travel in the opposite direction of waves 1 - 5.
* A 5-3 count completes a cycle; this completed count then becomes 2 subdivisions of the next higher 5-3 wave; The cycles are as follows: The largest wave count is called the Grand Supercycle which consists of Supercycles which consist of Cycles. This process continues into Primary, Intermediate, Minute, Minuette, and Sub-minuette wave cycles.
* The underlying 5-3 pattern remains constant, but the time frame required to complete the pattern may vary