This is very important for you to understand. Elliott Wave Theory works on longer term charts as well as on the intraday charts. It doesn't matter what time frame you trade, a wave is a wave. You can use the wave principle in your trading. So a five wave count on the hourly chart when converted to a weekly chart may only be a one wave count. In the same way, a five wave count on a 5 minutes chart when converted on a daily chart might just compose only one wave.