It references historical market cycles between 1780-1872 and uses them to makes predictions for 1873-2059.
The chart marks three phases of market cycles:[3] Benner estimated panics occur on a cycle of roughly 18 years, 20 years, and 16 years (18-20-16).
After a panic, Good Times last for about 7 years.
This is followed by a transition of about 11 years to Hard Times.
Then, recovery to Good Times over a period of about 9 years (7-11-9).