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    of 1

    1902 April 24, 1902

    1910 8 January 2, 1910


    1919 9 November 3, 1919
    1929 10 September 3, 1929
    1937 8 March 10, 1937
    1946 9 May 29, 1946
    1956 10 April 6, 1956
    1964 8 February 4, 1965
    1973 9 January 11, 1973
    With respect to economic low points, Benner noted two series of time sequences indicating that
    recessions (bad times) and depressions (panics) tend to alternate (not surprising, given Elliott's rule of
    alternation). In commenting on panics, Benner observed that 1819, 1837, 1857 and 1873 were panic
    years and showed them in his original "panic" chart to reflect a repeating 16-18-20 pattern, resulting in
    an irregular periodicity of these recurring events. Although he applied a 20-18-16 series to recessions,
    or "bad times," less serious stock market lows seem rather to follow the same 16-18-20 pattern as do
    major panic lows. By applying the 16-18-20 series to the alternating stock market lows, we get an
    accurate fit, as the Benner-Fibonacci Cycle Chart (Figure 4-17), first published in the 1967 supplement
    to the Bank Credit Analyst, graphically illustrates.

    Figure 4-17
    Note that the last time the cycle configuration was the same as the present was the period of the
    1920s, paralleling the last occurrence of a fifth Elliott wave of Cycle degree.
    This formula, based upon Benner's idea of repeating series for tops and bottoms, has worked
    reasonably well for most of this century. Whether the pattern will always reflect future highs is another
    question. These are fixed cycles, after all, not Elliott. Nevertheless, in our search for the reason for its
    satisfactory fit with reality, we find that Benner's theory conforms reasonably closely to the Fibonacci
    sequence in that the repeating series of 8-9-10 produces Fibonacci numbers up to the number 377,
    allowing for a marginal difference of one point, as shown below.
    8-9-10 Selected Fibonacci
    Differences
    Series Subtotals Numbers
    8 = 8 8 0
    +9
    +10
    +8 = 35 34 +1

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