Post-1970 — Hickson concept; the 1970 book describes skew and M-shapes without this label.
Definition
Time translation is the temporal offset between turning points in observed price and those of the pure cycle component.
Practical rule (Hickson)
| Underlying trend | Typical price effect |
|---|---|
| Positive | Peak late; trough early |
| Negative | Peak early; trough late |
Explains why troughs are more reliable than peaks for timing.