We would call it a wave-like motion, except that it all stays in the same place. But, just like a wave, moving from the highest position to the lowest position is one-half of a full wiggle.
(The other half consists of moving from the lowest position back up to the highest position, where it started from.
So, half of the wave-like motion takes 0.6 seconds.
A full cycle of the wave motion ... the actual period of the bounce, is double that much time . . . 1.2 seconds.