It is not mythology but the description of 8 cosmic powers that hold the earth in its motion through Space. The ancient seers saw the working of cosmic forces behind the cosmic order, a natural logical possibility. Further these forces were both impersonal and universal, as Science indeed asserts, as well as personal, conscious beings with whom one can connect, seek their interventions and influence events to an extent. They were discovered by the sons of Sagar when they entered the Patal loka, the subconscient world. The elephant stands for prosperity as well as stability. So these forces maintain these two aspects of earthly life through all the turmoils it is prone to.
Affectionately,
Alok Da