How many waves are there in trading?

I'm curious, could you elaborate on the concept of "waves" in trading? Is this a reference to specific patterns or cycles that traders often observe in the market? Are there a finite number of waves that can be identified, or is it more of a metaphorical term used to describe fluctuations in price? Additionally, how do traders utilize this understanding of waves to inform their decision-making processes and potentially improve their outcomes in the market?