Mauro Giuliani had it right. He knew all the different ways we could develop and arpeggio: move the thumb, move all the fingers, and rotate through the fingers. Click the images below to see a larger version.
Keep in mind these variations can be applied to any arpeggio pattern. As long as it repeats, you can move the thumb, move all the fingers, or rotate through all the fingers.
1. Move the Thumb
2. Move All the Fingers
3. Rotating Through the Fingers
So we start with p i m.
And here are the two variations.