Phasing Analysis is a procedure for isolating the wave components (cycles) present in a complex, composite wave (the price of a tradable entity). It consists of a series of methods whereby wave trough positions are estimated. – JM Hurst
I sometimes refer to phasing analysis as cycle phasing. It is basically an analysis process performed by the software to generate a current cyclic model – a model that defines the wavelength and phase of all cycles between 5 days and 18 years currently active in the market price data.
As a result of phasing analysis the software is able to speculate as to when the troughs and peaks of various cycles are likely to occur.