Peaks are an interesting subject, because there are two very different situations in my opinion:
Hurst’s original work was mostly based on the US stock market which he demonstrated clearly has synchronized troughs. For a synchronized trough market, peaks are complicated, because they are not synchronized, and the M-shapes that cycles form in price tell us to expect two peaks, but knowing which of those will be the actual peak in price is fairly complicated. One can of course use FLD’s and VTL’s to confirm the peaks, but they are less reliable than they are for troughs.
The other situation, where you are analyzing a market that has synchronized peaks is much more straightforward because the analysis is simply inverted or turned upside down.
As a matter of interest, a bit of history to this whole concept of trough and peak synchronization. I have Ray Tomes to thank for introducing me to the idea of peak-synchronized analysis in commodities and precious metals. Ray’s Harmonics Theory provides an excellent understanding of how cycles work the way they do, and it has many areas of intersection with Hurst cycles. One of the big differentiating details of Hurst cycles is this concept of troughs (or peaks) being synchronized.
I remember driving around Auckland, New Zealand with Ray and discussing why troughs or peaks of cycles would be synchronized, and he said simply: “it’s all to do with emotion”. He explained that stock markets are generally holders of “optimistic” value, which is perhaps why the troughs of the cycles are synchronized. He suggested that commodities and precious metals were conversely holders of “pessimistic” value, and that I would probably find that the cycles had synchronized peaks. That evening at Ray’s house I experimented with inverting some price data, and running it through ST (then called The Hurst Trader), and that was the birth of “inverted” analysis in ST. Now of course we can do both analyses on a single chart, and I am constantly fascinated by how markets tend to produce a better trough or peak analysis.
Another interesting observation relevant to @David_F’s AUDNZD analysis is that when you have instruments (or currencies) from two different geographic places you will find their trough vs peak relationship is affected by their geographic relationship. Australia and New Zealand as neighbors will exhibit a unique relationship in this regard.
One day I’m going to do some more study of this phenomenon.