This philosophy at least in western culture originally comes from classical Greek philosophy, more specifically Empedocles. These four elements are the building blocks of all existence metaphysically, and all constructs can be broken down into these four elements. Any construct that you can think of is made metaphysically out of these different elemental concepts, and these different aspects of them can be looked at to examine their elemental properties in order to see what they correspond to. This is the essence of where elemental correspondences are supposed to come from. Later in greek thought Aristotle adds the element of ether which eventually becomes our understanding of spirit as the fifth element, but this element works a little bit differently than the others acting as the monadic nature of all things, including the other four. That is why there are no other elements besides these. 

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