Intermediate Degree
Intermediate degree waves typically last weeks to months. They sit in the middle of the degree hierarchy, which makes them one of the most practical degrees for swing traders. You label them with parenthesized numbers: (1), (2), (3), (4), (5) for motive waves, and (A), (B), (C) for corrective waves. When you hear someone say "we are in Wave (3) up," they are usually talking about Intermediate degree. These waves are large enough to capture meaningful moves but short enough to trade within a single quarter. Most professional Elliott Wave services focus heavily on this degree because it aligns well with portfolio rebalancing timeframes. You spot Intermediate waves on daily charts where the structure is clear and the swings are measured in weeks.
On a daily chart of the S&P 500, an Intermediate Wave (3) might last 8 to 14 weeks and cover 200 to 400 points. You would see it subdivide into five Minor degree waves on the same daily chart. An Intermediate Wave (2) correction might last 3 to 6 weeks and retrace 50% to 61.8% of Wave (1). This degree is where most swing trade setups live.