Elliott Wave Theory is a form of technical analysis that studies market price movements through recurring wave patterns driven by investor psychology. It is broadly divided into two major categories: Motive Waves and Corrective Waves.

Motive Waves move in the direction of the larger trend and consist mainly of Impulse and Diagonal patterns.
Corrective Waves move against the larger trend and consist of Zigzags, Flats, Triangles, and Combinations.

Using the classification discussed above, Elliott Wave can be organized into 2 major categories, 6 pattern branches, and 15 commonly recognized pattern types.