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I've recently been working with this again and am finding it useful. The 6 elements are earth, wind, fire, water, space and consciousness, and neatly cover everything that we experience. This method of analysis can be applied both internally and externally.
I originally came across this practice with Triratna, see here: http://www.wildmind.org/six-elements
The 6 elements are described in MN140: http://www.accesstoinsight.org/tipitaka/mn/mn.140.than.html