Elliott Waves recognize the fractal nature of market structure, which means: each wave both composes other waves and is composed of other waves. Every wave is a part of a larger wave and every wave is made up of smaller waves.
To help to identify which waves we are labelling, we use “wave degrees.” Waves of a higher “degree” are made up of waves of smaller “degrees.”
On my website (and in my Discord), I color code the wave degrees to help them to stand distinct. The most common wave degrees you will find in my work are listed below, from smaller degrees at the top to larger degrees at the bottom of the table (there are both larger and smaller degrees beyond what is listed here, but they are uncommonly seen here in my work).