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This paper presents the theory and practicalities of the quaternion wavelet transform (QWT). The major contribution of this work is that it generalizes the real and complex wavelet transforms and derives a quaternionic wavelet pyramid for multi-resolution analysis using the quaternionic phase concept. As a illustration we present an application of the discrete QWT for optical flow estimation. For the estimation of motion through different resolution levels we use a similarity distance evaluated by means of the quaternionic phase concept and a confidence mask. We show that this linear approach is amenable to be extended to a kind of quadratic interpolation.