Elliottwave principles, developed by Ralph Nelson Elliott, an accountant, state that market prices develop in trends. Furthermore, trends alternate between an action (motive) phase and a corrective phase. Motive phases are dominating the trend. Price action unfolds in their direction.
This applies on all time scales. Smaller time frames are called fractals. Our wave notations are as follows:
Grand Supercycle I°/a°
Primary 1°or ① / A° or Ⓐ
Minute i° or ⓘ / a° or ⓐ