This is a time series of a wind speed data collected every hour for a month. What can you interpret from the ACF and PACF plots about the trends and seasonal components? Are there any? And which model would be the best fit for this data?
From what I understand is that there is a bit of a trend (looking at the ACF) but no significant seasonal components. And it seems like the ACF is decaying exponentially and the PACF cuts off at lag 3. So the best fit would be the AR(3) model.
But I am not sure at all. Can you please offer your insight as I am a student trying to learn.