By using magnetic data measured at a network of stations extending from L~3.2 to L~4.4 and at a station in the conjugate area, ellipticities in the three orthogonal planes (H-D, H-Z, and D-Z) for the frequency range 2-5 mHz were computed continuously by the cross-spectral matrix method over 10 days with various levels of magnetic activity. The ellipticity diagrams in the H-D plane show that except for the time interval during the main phase of a major magnetic storm, the sense of polarization reverses every day across local noon, with a left-hand polarization observed during local morning hours and a right-hand polarization observed during local evening hours, regardless of the level of magnetic activity. The second reversal of the sense of polarization occurs generally around ~2000 LT. The ellipticity diagrams in the H-Z plane show a predominantly clockwise polarization throughout the day, while the diurnal variation of the ellipticity in the D-Z plane tends to be confused. As to the latitude dependence of the wave phase, it is found that the D component oscillations are almost in phase at all latitudes, while the H component oscillations have advanced phase shifts at the lower-latitude stations. As to the conjugate dependence of wave phase, it is found that the D component oscillations are almost out of phase, while the H component oscillations are almost in phase at the conjugate pair stations. These polarization characteristics are discussed in terms of external driving sources coupling to the shear Alfv¿n waves of the local resonant field lines. Possible energy sources of Pc 5 waves are also discussed on the basis of the local time dependence of the sense of polarization.