What is the meaning of autocorrelation?
Autocorrelation is a mathematical representation of the degree of similarity between a given time series and a lagged version of itself over successive time intervals.
What is the most common form of autocorrelation?
The most common form of autocorrelation is first-order serial correlation, which can either be positive or negative. Positive serial correlation is where a positive error in one period carries over into a positive error for the following period.