Chris Grafton. Mastering Hurst Cycles

Mastering Hurst Cycle Analysis: A modern treatment of Hurst's original system of financial market analysis
Harriman House Ltd. Humpshire, Great Britain. 2011. — 312 p. — ISBN 978-0-85719-198-4.Mastering Hurst Cycle analysis is effectively a manual on how to perform this particular style of technical analysis. The basic premise of the book is that cycles exist in freely traded financial markets and that these cycles share the same properties as those found in nature. As such, early on the book I explain the physical properties of all cycles and then carry these principals over to the markets. That there are cycles in market data is nothing new, but Hurst’s system allows us to identify them and forecast future price action.
The book is fairly involved and the methodology might seem difficult at first, but once you get the hang of it, it opens your eyes to a whole new way of viewing the markets. More to the point, an experienced Hurst analyst can achieve spectacular accuracy. So I would say that the book, in a way, is all about drawing back the curtain on the underlying mechanics of price action in the market.
Hurst was an aeronautical engineer by profession and sought to apply a rigorous mathematical approach to market analysis. He put together a course for a limited audience in the 1970s, but back then of course PCs and technical trading software were unavailable. As such the original work is more or less manual and paper based. I think very few traders and analysts today would be willing to go through an analysis in the way Hurst prescribed. Additionally, the original material is quite dense and abstruse and as such I think only a few dedicated souls would be prepared to approach the subject. What I have tried to do is bring the material into the modern idiom, make it current and of course provide the code required to perform analysis on a PC.