The literary technique that Emerson is using when he refers to the "wheel of chance" is D. Allusion.
An allusion is a brief reference to a person, concept, place or any other element with cultural or political significance that can be recognized by the reader.
In this case, Emerson is alluding to the concept of Rota Fortuna or the Wheel of Fortune that symbolizes the capricious nature of Fate, and how it spins changing the position of the person on the wheel.
