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One of these periods may be called the equilibrium of the twelfth century, as it corresponded with the climax of the medieval civilization. Another could be called the equilibrium of the Renaissance, from 1400-1480. A third may be thought of as the equilibrium of the Enlightenment, which occurred from 1669-1730. The fourth of these periods may be known as the Victorian equilibrium because it corresponded with the life of Queen Victoria.
These periods referred to as price waves are just that; waves not cycles. They cannot be classified as cycles because something that is cyclical is fixed and regular...
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