W.D. Gann_Angles Course

8/4/2019 W.D. Gann_Angles Course

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W .... L..L Sil'\r,jIi.iE:1i ;EIiJOG~ i!:jilill.i!:ti.';rii}h

N~'W lI'1'O'~1I "i't;;I


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(,l,n.1.S\i:ldar ym:v('e@.~h l/S inchst,ook.

"lou ,!lhould:k(:l,op n YOlll,'ly hiGh Wl,d lQW, oh~t, ,.th~t ii1l, l"l;.\oordlnbthe e:d;;reme 1m", em.!! -tho eo:x:bre'i'M'Ihigh pril> Q mwle during thl';)

on . on e 11:1\0., Th,@ s.l?,uci.1Lgt!(ll'" th.e 1?riee, can .be u~ed ,oll..,poin t toor two ;point s Or more.~ ece Ql'ding to.. t~h,.e.~t i'Vi ty an..d rCJJn ,~e Q, tthe

QN'\rJ:lL'!!:'cKAR'!': X\fl!li.p!!U,f,rt ~ ,lw :c!':ys k!ti~ p u.p ~m.c!l:1lth.ly high. { l i ndJ .).QW ch~t. which :i~t hiD m.ost - im.po r t! !l :t l. tch o..rt 'of E l.llln d ot~:t."Il'dn.in,gth~ IllIll.in tr'l)tId.

T.bis oh.al:'b reoQrds the o;;.; :b:;.emehi#- Mel' extrem.e low 'price '{'(I'r the ,cll.lo:ndar monthan one JLi:na'le.ndenc:bEpe.c~ or 1/8 inchon the crou-se'c,tien oh.e.rtp,{ltp~r shou.ldra,pr@ ~~nt On 'll!p,oint O'lI'"::ill pOl"' shnrQ.

WBEKLYC~T: Xhancxt and O!1i.Q Of 'th~vory1ml?'ol'tm~ chart;s to kM'P is a y,r'l\lcklyh.igh 00 . ) ; 1 , low chart. 'l 'f he ,r@st 'o ;Q ,ks ,a .r '@ $ .o l11'11.gbolO'~l 50; i,t u:;ualLly

);lily-a to l:1iLQ.ka,h-h.o.hOlr,. up lilsin,g '1%'!,ch1/8 hen to ::rap:r'(l~ant 'o.nili)~h.a.lf l?oi:a:t~, orwo sp,o"ea'a t,orQ'pra sent Otl$ :f'u11 point~,' Or fOlllr po:i:nts ror $o.G'h ono-inGh spaco.W'hlen stoo-k::; DQoom0vi3ry ac:tive,~. e\Sp~cidly whi3n. thQyc.re llQl.hng ti"bo,v@~,),OO pill:!'sh!ll"O J' then yQ1il,e e.n. ntn~Q l . i ;p- 'bbJe '>'[0'0 k.ly 0 h.art u.s:i ~g o,a,(;ib.sp a .ce .or l/e inch on, it;he-e h.Il.Tt. p;E!.pGl" ' 'I::q l,o;P:n:i S 0'11. , ,1; ;Oilo po i n:t 0 l' $1 1Jiot' sha~o.

s:ma":\'fEEKLY OR "5:DAY CUAR'r: The l'i.'c;x:t cbo:rt ~:f" i.1npor~anc.e, -to th~ 'r~oQkly Q;h~rt is0. 3-dciy (lh.a:rt.J< that is: J,t,o.~'n.g tnQ oYdil"omo. high Wld.

ext!'~m'Q 101M prio'omildoe :fr'ot.1, tho op-onin.g of tho fIlilll"lOJt o n : Uond$L.yiil\ornin,g until tho,close on. Wedne;sd.,c,Y'l'li,ght, oelo,sing -tho oh~rt on W'odlne.sd~night~ t:hon ft"omtho,op,ollingon. Thut'sd.c;y' i;:;oth.,; e lO$eoo Saturq,o.y, t!i:.king thlll mremo hifth and. low and.c lo.;i't'i,@;he chart on 8~tu:rd~y. This gi V~$ Y'0~ !l tim.1ll 1?9rhds'ho.d,:ttg,cmo-h.o.lr ofthe wo,~lc.i'hiB .oh,e..rt is "wory im'P'ort~'ltt .a,e:\vill b,o. ox.plc.~nj:ldlo.toroniPc 'thQ'in s'tr'l.1t:t 1,ens 'l'he spe.d.ti.g for'this chnrti c enllo t'h,o ,swn13IlS .for tho ","13ok1'1 high.on,d lowcnart ~

W1 i:EKl,'l MOV- !NG -AVERAG1B 'OR ME l '.N EOJ'N f:'1'0 f,ot~ 'ffooklyM c!v.i:rt.g...,Avorllgo. IlfO t i J . "k :eth.o orlrome h)w t,ot" ~bo WOQk mul 'tho ox-

tr'e''tri.e hi~ .for t,he, week find. diVide- by:!! ~ .get'tittlE, '\i,he hJJl.ir ... \~ul;yor' mean. point ft)ol'the W6'f;lk. 'Fhis cunba' rooor'ded On 'th~ wO{;lkl'y high end 'low 'che.l't o:rtm. @. :IN~po;ra;t,e,0hart 1 roc()rdin~ th,e 'Weokly .M)vin~~\fa'ra.g;'\iJ with S .dotandns:illg on'o line on. thec'l:l.e.nfol' each .:ir(lek~ 1l;lPQrbin.oe of this '1{iaekl.yMean l?'oint' ,vill 'bs, s:q:;luino,d. late

DM ty CH.AR!: 1ffhan yO\\ Co'l"(l 'trM.:inl1; j'o'l a: ,stock t:h:a.t;isnot(i.-vo ~ you sHou.ld c..lw,e.y'S. ~ u kO,ilil)up :tI>I!;fii 1y hig,.'i. W' ! q low chart~ ' 1O~ f6~ s t ; 'Ud . ypUr'PO'S!,Uii it i,3

a:nou;p' to k/a!.:e'P'u,p the Wee kly wld: ~.ionthly Ch.~-rt$, '1~h.)ch gi ye you the ,'m,ll.in,t r,oud The D&l.ly Ch,a.r:t .show"Sth.e~i~n.or t;reu(1 ~d sho'l',s .a, o,'han&'G"n tr'o l'l,a i1 liLUC lh .,of't.otl.nthol'f ru::l:1Qf 'thE! ,00tih,~1"eb~rt~, b\1't th.l!lin..d:tcatiQ'n dooi'J not' l:ast as lon~ Or :run se.tar. '!'ni.s chart- ~:ho~l!l be kaptupthQ dc.mc as the QthG:l:'Il., oJ:copt '#h~ :si:;,'ocks ares'iD,ll.i


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or 0. bDttom, whiQh 'mo::\ll,:,l C {ll..ond\!.'.l" dC\:'i"s. tho OX.'lCt 1l\or.G~r~mo:nt of Timo ,fel')," thodoS1.1 oho.rt. Orton. 'tho Do.ily Ohal,lt on. o,c'tuill d~ily ~llOVE.!m@lnts CQ,me.s out. on r';n,0xoo1: mntheffio:l;;it}el Mg,le Qf 't;::Lm.Qir.0~s'oj,):".;,m,~!'Li:; fL "Cth~ ~ o:cn.e t;i:l.\e tho c,(llGnd{~r .!iay&C01[)\\")out on a~"'l,'nct'Lcnl o:xp~:r1ooco ~ I hevl) dlscOY'l'll'tlId t,hc.t Ga.ollletrio::e.1.A n~lB8 me.asU TG IlCcu::c'!l.telySp60~. :1rima. Vo1:11~'I1ed Pr.ioe.

:Ma.thCllUltio:a is, the. only eI)~ac.t soiellO a. s"s1 nO;"9'e,s(l:id b~f'


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o.nd ut tmotho:r 5 ')?oint:lpor )'I{o'o,k,>'mile tho tilll'i:! por'io,d, i:lJ Ob :;;Og;Ultll' unit. 'rb~ro-foro S,Q om c;rtrioal @glM~ wh i c h O:.;roI"ouI1y m.Qving;... .l.v{j,ro.,g0:9, 1JiloVOup O'!' dOT t 'mot.o.nuniform l'(\t;() from llU:;r lbottOll:\ 01' tol?' 011 n o!l.11y" '\'rt'eekly Q. : - monthly CJ1,n.ltt.

'l'h(;Jl'tl o.:r'!J bh;roe I,) im:portnnt points thl"-'i,; w~ '0 Wl prove with m~:t.h!}m.~t.ics orgeometry: theCircle~ 'hhe Sqtlaret; and the''1'ri,o.;ng;le,. Mtn 1 he.:vemQ,do bh@ S~\l.e..r'-eI can dr e;. ' II ' l :l!II.(J il: 'c Le i'n it ' ! ! . t11 lin~ th.~ set'ili;e d ,hmetel'. an~t h~ l' fby produce the Tt' i~Im.,gle;o the, Sq,URl"!:l, W"ld th.e Circh.

The lI:o.glello.:r mo'Vin,..trend-li1ltl ).vera~es m,e.a.s'lll;'e an.d.di'vido T.ime ,and Priceinto p:ropor1:ii'ono.t,o pans. Ref"~l" to Form tri l !~ wnQ;r(l! :r hill.....Q d.rn.w:n thel I;lqu(1"r(il01;[':26. Y'ou"''Iill note that this i~ z e high , E lDP.213wide- in 9ther worcb, 28 ilp and:a s . ,~rQSs. !t j. s the t;,WI'leas u . sC]p.to.re:room, which has ,(I. oo,ttOi\l or floQr j e, top or:-O


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we draw lil~es fr omt.he ot, ner d 1, ec t. i Ob1Si we d it'll' ide H. in t. 0 r our e q ua.l par 1 . . ~ -then by dr t l}~ . , r.1 .nS"!Lhe t.w o Lin ea fr'Q rJ'leach corn er , 'de dl'lfi.cie tl.1e' square in t.o 6equal~t$: and pr educe S tr ianz'le$ .

As,you look at this Squat"'e, it :should! be etl.$y for you to tell with your 'eyel,or'lw!re t.he ;;;t.'(o.n,f:est. support' point Is orr res l:s,tance point. ts.. It. i5 at the centerwhere all the ang:les cr068. "'our ang"les crQ$sat. ttlis point", 60 naturallythLswou.ld be a is t.r ong er suppon PC)i nt t.hsn a p laoerwherf;lQ,nly one angle cr osees , :1cou]ld! d lvide each one of t.hes,e srnallersquar,e's :h)t,o four or ei:~nt equal 'part,s bydra:wing- Mgles Ln the :same way.. Lat.er , when I g'lva you the rules and. examples,I'lltill e.x.pbt.in how to square the fl .a .n1,?eof a st eek ... tha.t 1 .: :: ~ the d .iffe.rence be-t.wen t.he extr\211le low" and l.hl5l: extr erae high pr icea, or the dlffe.'ence bet,we.en MYlow point and any hi~ h point j and a.l.$o how t Q ~q 1J:'M'e' t~ bottom PI"ice. For ex-ample~ If the top .o f a stock is RS J this SquaJ"eof28 x 28 'IIlIQtl.ldepr,esent.squar intI t .rJ;8:Pr ice by T i .ur.eJ because if lW e have ,2:8 pointsiUp in Er . i !c :1! ,~nd we mov,eover 28 spaees in Time~ W square the Price with Ti~. Therefot', when t.he steck'has ,moved over 26 d ,ays . . 2,8 \II!~ ,ek s~ o r28 months} it 'Wtllbe :squaring it!5 pricer-a 'f1,e of , 28 .

PA :TT[RN CHART FOR(JE:~'I'RWAl A]>.. 'UL,ES . .

T'h~ Square'of 90. or the htuarn CharL,shows all the measUl:"ed. angles thatare lfl'lPo.rtant. t-o use ill de t .e: ' r ' l ln. . i l ! l ,i l : l ; i j" the pas it ron of a stcck , Theee aJ1g'e s; ere a.sfollows:: ~~.' 71. Hi. 18iL 20':&. 30.. 33if. 37L ~15 52! f 56~. eo, 63~ I '7H ,75 ~S2~. 86~" end QO tle8'r'ees,

It is not necessarv to ~asrn-e t.hese angle:!> wIth a prot.ract,or"AU you havet,o do t .00 ;get the a.ng-:le:s corr'ect is t 1 0 count t-he ,S 'P ;:L Ce s o nthe chart paper J us ing8 ::,;: 8 to t.he Inch, and dra ..... .he lines ot' atJg'les ,accQrding'ly .

O n l,.he ~q1.W !f"e or '90,which youWi.ll r ecerve wi.t.h these Inatr-uct Lon s , not ehow equal a:ngl!es drawn from the top and from t.habot.t.om pr ove t.hem$el'i~sby 'thepoint~1. which t.hey cr oas , For' exwnple:;

The ,angl.e of' 8 x 1 o : r e ;w t lfrom ~IIO~! and!. t.he~]e Qf 6 . x 1 drawn from "00 11down 'both cross at 45" 5-5/8 pe irrt.s over- fro.'1I ~~O~iount:ing to the rig'bt.. Then~t:he angl~ of 4 x :.:h :ft'QIn ~IOIU and! t.he a:i1~leof ,4 x 1 down frOll'~ 111901'1J' you wUlnoti(!e~ cr oss at U* on .45 ..equid is 't ant from the other- a.ngle and twiceLheI 'OOStSur e... 'l"h~ reason why these ..a.nglee vroye thi~ way Lsbecause t'he 45 ~gleor 4,5 points 'Qr degre'e:e from tlO~1 t.o 45 is one-halt of ~O fherefare~ para11elaJ1gJe:s be~innit1il' a,t lIouiQi:n~ up and at GOcomi{lg' d oW1 i .J . must cress Qna 45 ~leurat the ~ravity center;

HOW TO IJ R AW .A~L[S PROti~AWL-l POINT RECO fID IWin A S T .D C !L .. .

An ~'x~mple' J!1'a1'ked, 1lji''1)!:t'liii 2" shows y.ou t.he most, illlporta.nt angle's t.o use when,a st.cek is wor'King higher & 'm advane ing. (S,ee- ~e 6)

The first and ~lways mOiSt .import.an.t ~nB'le t.cdraw .is a 4:5~deB"ree , e. :n .g :ie01:" ,a, :rnov1,nB'-a'li'el"~ethat .rn'.Dves U 'p 'one polnt pet day~ one point.

per ~'eek or one poin.t. per mont.h. This is < 6 . 4$0 ang,~be,caus,e it divid~s the Space


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1,0'sa ord e 1"1110 1'0. t'hnn S 11o;ln t S i ;j .Wf) ,' !. . Un.l e~,@ ,st'~Q '!!cs IJi.l'@ no 0.1" tn~ ).QW l.~:v~h q,:rjust ~tOi;rting:t.n ~ bu.ll rna:rket or ;sl711iUgo.t ViOl 'Y' low' pr"ico:S: t I o.lways uoo: $ sto,pla:fi ,is 0 rd,@l"Ol'l.;(:J PQint \m"de:r t,1'.o 45 ang;l~'h, 1.t th1 S ITI:igl.e is 01''0 lew. by Qil)LOpCl:int,you wi'll 'Ui5uo.ll~ find. thQ31; i;,h.e t:roud lHl.~ cnrm[!;:Gd (,t lO(\:.lt 1,: ,e,mporn:d 1y tW.d 'I;,llastocK; will go 10l'l1'i.r., .

1m. o'ousy lII'(l.Yto ca'lou,latc'il.Ccuro.:tlil.y hOYl to put o-n this 4So ,anglo i.S!FoT ' oXe Jn ,p lo : 'It' thiO ti'itl,Q h: ?- 8 d .cW:il .ZG'p'{Il)(,l,l(:sI or Z8, monf. .h,tlfr.'oJ]l thopoi,nt ,rherothiS! 8to,o.k was 'bOt.tOllL~ ,then 'tho ,0J:).,g1~cd' 48 'mu , s ! '! :D O ZS;po,:it'.t:s u~iI?rom tbs bottomt'llld would c.ross at 28. This is one of ,th0eil.'s1.'e,s;tl:lllgles to put 'em ondOIll,$, ,oftho, simp lost to, loam. Y('J~.cOOl, lb~,:fit th.o mo,:t.'~t by tt'Q,d.,in~ aISAit1;,Stthi!j' ' l5 o.n.gloo.lonQ if' you: s.ti.ck to 'the l"ule-- willit to, bu.)," .0 . stock: ontho4S o o.ngl,(Jor ,.!lQ.,it t,osoIl :it, o..(!;c!'in~tthe 45 OOl~l,e.

'-r' ~.:" -riTlf- T: '~1'~~7..,.....-- '.'":''"";''-I' .!.! ~ \T:,'. '",,:) II;~ "161; ', -1' '' :'_ ,i r-t-, 1 ,

. . . . JI !i"";' I". I. 1 /111 - :

IF"H~~H-I--H~ lit. iI\;, ,'. . , . ' 1 17

. [:,\,ITL

r . i L ,j 1 ,/ 1 II :",r', :~II :... ' liI':'il i :7 L 11' 1

.1 . L i .. .. I Ii 1.-,' 1: I",,'.' L". . ' j t-,

NEXT IMPORTAN :T .m 'G !LEis the, anlS'le '01'2, x If (l'r t ho lE!m:ovl:Q$~&Y~ra~e . wh ich'm.QV{I!S up

~2~,-..:.~bat tbe, rate oi' 2' pgl~t ill pa:r' d~'Y'~ wee k 'Or iiflQ11;1;h.. Itd"i V'iL ' i -e ,S,'bh~ :sp,eee b@ d ; >w e e c n .,t.hB :'4S~d!'e,gree,'Im,gle ,~d t,n.o vertiC'ol'li.langle into tw'o' equal part.s ond m,ell.s~re,s 6::;to Thllt i.s' vihy it ~~I t,h~ ne,xt, ~t;irCi'illg-~,~t ~,;U most, ;i.mpQl"t~t: f.Ln!!>'l~,.. .A a long, &~ .a . a,tore'it: ho1-ds nbcl"il"(l t:tlis .flr!!.gle~ it hill!!. stl'o,ng,&r po~I1;l:iQnthtm. Wh.iiioll :l;ih is . resi:;in_t oil .~ '4..1:;0,angl,eb6e'Q.lJI,~$ it is .ttmore; ~ ut GO"."'i..gl.e. TIhetl, 0. st 00,k 'I b:reaks una. er - th 8 ~u.gle. ora x 1 J or two points:1" '0 '1 ' , o . ,E l I .Ch .t : in10' p@:tio'd~ ;lj.h&~ it' inrlicu.t~.s that it will .gp,;tow,e;r .Qnd l',g,.Q;C.h, 'the o!!fl,O'~!lilQ.Re:ln'E)fnbe1!' tho - 'rule 01' a.U .~gla8': No matt0r whet I!ln&le the :!:tock broll.ts'\W.(lor ~ i ind :to atO;l 0 .. doc l:i no t,o tho 'n o:clJ. a.n.(5l.Q' :1;)0low it. .


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l.HTRD '1MP'QR.'l'~:rT ANGLE; ','IlliG h is !:t i 11 .!Itro-nge:r u'!l lcm g iQ. : f i ,[I, 3 toe khe 1(1.6 ab{).'ve it ~. 4 , :x . i;\l the ,oo."lE:;10 which t1W''\r0:'] up 4 . pOin:t,O! p~t'" dliY;- wo,ek.; Or

~ !J]Lont~b" 1~.hi~ fln, ftll3, i,8 4 X 1,. or 4 poi,nts .Qf: STJ?'~oo e'qu.nlerie par:i.(Niof" Time,. It lliIGD.Sl:tre:s. 7SQ e:nd di"l'id.es the spiI'iGe bet'i'iel,ti. th.e OOl,(!;le 00,1'2 . ee l 0J!:: ld. the 90rJlI'1.f5.).'(!.into \;.'(0' @~J.11)j('~1art.s 0, Jlny stock. ilhc;t con.tinu;QS to c.d'V!'Ul;cea, PQ j_n tsp~r dAYI 4, pointiS 1?~1' W(lo,-k,or 11 pcd,1tl.ts pet' lO,o1l:lth", M d. l"1SIID.Llintl; IllbO'vothiso.ngb iii, l,n U vory ~.t:rongp,osi.ti,on , 0 . :3 , lon.~ [1.$ it stay'S above it, but vi'hen ih'or e Cll"...:::l:Ul:i-do:r~ 1 . " 15i:ndic at ea the n.oxt, (Il.ngl~ Q I" ne:d; suppe ri 1'10 inti ee C I) rd ing to,thG,posit~o1Q. ()f tho a,t,Q'Ckou ''rime.

FOURTH. lMI'ORTAN'TANGl.,E is tho, o.:nr;lo of 8 x .1 Or tho one that mO'9QS upS. paints;8 X 1 pe,r daY'~ week Or' :m.onth. ~is ~:I;li1i 'm.'eltli.sut"e~S2~;Q. .A. .s :

long as fi t stock.Den. hold. flOCW(I this OOl.gle on ,d.l;\ily~. week.-ly o'rmonthlyohar'tfit i.s tnth,e ;stl"onscst PQSdbl.e {losi'tionjo butvrhen it revel''''sas trend O l 1 d .de~line:s'below tM s m,gle .. thel:J:, it indic,El.;be,iS , ( ;1: .d o o l : Lmu . l lto. th~ nexte:ngl,o.

It if] p,ocSs,ible t.o usc an angle of ):6, ~ l~ ~r lS }?oi'i:l'ts of" 'Price- toono poriod Q 'Ei'~~ ~ ,'Jf'hich l1ll8fiSUres 86~ ~ but 'th;h, mglo is only u.si\ldin fOost tiiO,Vt'lnCID[, mn"r'kets.~. l~kj'JI Ul'29~ wh long IlS a stock con:tiJ1:ue:s to o.dvanceo:nd 'I',rork up E::JIlCsto.y.s o.:bo'Veth . - c . cm,glo of ~5 ort.ha 1l1o"\l'ing .. av~rCL.g~ o,f one pJ,o'W1 , nth@Q;u~ 10 0' f' ~ 1 hom. the bQtt Om, or 10\'/ poi T J..t ~ As L l'ulo',t it "'ilril.l only be' UM0:53t1:r'Y to ];.iut on tht',Jso tyro c.n5L~'$ i).'l;: ,first. l.1' thi.~


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bOttl)111 bo};d.:J C!.nd.1!'J nul: Itit"okon, th(ln. 'Y\)"u-:'CUl put on thC;! 'othor tulr;l(i-!l 1'1'0111thobat~o'1t'l ..

WE'tE:LY C~'F; ll'~. 5'\;00,10:: i:l dJ.)c1 in:i nf5 ~n a :l."t;l,c.ct,~ ~Ol Hl0l"O,'t;ho.n oue \1'oQ,k and COll-'tinuos down"vto will st"y,. for throe WO'IillQ; Or ]Ilo:ro~.th(:).p. :.d,'ll;lrh

to rvol1y and e.dvmlco& t\'1QWOOkE, Or mora.: yo,u 'lftluld st.urt t.o put 'tho onglaa o,n

from tho lcw, point ot thu d~ lino, only u.dng tho .w:lgl(l!l n."bove, i;.oo45 o.nglQul'itil .lj;hos'tookugnin 'brClCl.'ks; ,mUG]"tho 45'0 (In.gl~ o;:ttm" thnt you WQuld USG thoo ' tho . li ." ,Ci,1 I: \$ lo$ onthe low'or O~ bOI!; : . , ' f ' i . s l t:;:ido of tho S,quIiLl"C,~,

_I,XI I f:o... ! t;;.~ - I ' ,

!11~ I I.~. 'l l ': . I -

FIRST MilGLE ON Eoi i lA l tSIDE 'OF THE 8Q,tf}JtE::-2 x 1

T:h~, first e.ngl0 th ! lot 'V'Ll a T '0.,"" on. thebon.r sidQ of the SqUlU'oEl i:(l t:hODng,l'r3of' 2 : x 1 O!J; 2 poiu'b: o'vor EJ.nd On.~i point.

u lP~ whi~n. 'inO"'i"6S a1; ; t he :re.te or o no ...hal r po in tpe r day, ' io i tOGk Or mon th . il.M tlllie .a:flll"@S26~P., ~his is ~he first suppo,rt, .nn.g;h which thl) 5

'l;ock ahouldrG,(IIt;;h a:.!'tel" it: brQo!l.k

undor t.h0 4 , ,1 )0 .Elhgle. A:s n [tarU3 r- a 1 t'u 1 ~ ~ Ylnm th.est (H~;~r'e3C has t hi,~ rollg)La" it


9/32

W"~ll .000i,YOo :tlfl:l'PPOl"iI:,I;!i,;nd.rl.l,lJ,y" So~;u,Jt;l.!i1.t'HIit will :rOost on i'h 1'0.);, 1.\, lour;; pori.od.of til!ll.6 ~ he ld.in~ 'O n i,;hio:; 0l'i.g10r.md me.king. hl~hor bQtto~'Il.S. 'But whon this ffi'lgloOf 2 : A 1., or 'lnOvinG~~:~r'Gl;o.,r;;!:l ot o\lQ.... 1.a.'i,r po1n,t ptl::r' do;yp wek 'or mQuthis \lTol~6,n;thWi :you m.ust drn.w th,e nl,:d;;~ 'H~l.e(}t 4 > ::1,.

NB:X ' , IM PO llT.PJ\l 'TMGLE: Thai n ex t ,impo!t"i\;a;..>'li;; .o .n .S lQ o~t.h o bo,a1" "idi.Q of 'th "c S qU ( l;.'l"'o..-,4 'x l U , which lRO V@$up"attho.ra.teo1:1/4-poi, ntpl:;!'I" d~y ji~ the ," . : : . ..- - - 1 0 1 _.:I.anglo ot 4 , x: 1 ~ 'm,i)as'U:i'in~ 15; It Id'i,' 1 be t:hQ ;);;I.e.. .", ~1'i::l"Cfn~

;Sl.l.pporl aligl!1! which tho ,~t(lc'ksh'Hlld ,g-ot :suptJorl O'll anii r~,l1y fromo

NEXT J\l:IGLR S ,;t.:. \= :rhon aftol" th.o 4::< 1 misle is bt'Qkenjo theJ; n,t'lX't ilM:;p,orti!lll.t~glo, t,h~t you will ;put on yoU);; ohart is tho ~gle of e , x : 1,

Which !novas a: t t:ha ro.:1;6,Qf lje"'p'Clintpol" d,%". wee'\:: 0'1" montha."l,d m'f.)onsur~s,7~.'l'hish Q.ft;,enn vO.ry :strong .suppo'rt anglO'. Aft,a'!' 'a . gt.o:ck hns ~rn.d u big [email protected] tit will!. often :ro.s:t (iia.th.is mi.S;lo GOV'Q.:p.'1 ,timQ~ or mO lYmc.~ r,in,nl bottom ond.~ Q:rt u,p from. 1;>hi~ o.ng } ,oJ c ,roO.ssin,g ,ot 'nor !;illgl~:s ~, ,flj~ttiil.!5 ball k in t 0 0. stron gl?,osi'bion o.gfrin., Thol"'e,d'orothi~ mlgl@ is .~poi('t~n,ti "Co . \'lSO .o n ,v . 'mO'!nthly or 'l,{oSuk:ly'chtU"'t ufier a prol.on.~!ild (lecline~

_AM ,(Jt'E:U;i ~. .l: This ~n,glo coo. "be used on 0. m .on .thly eha .. t o.i"toro. longp(),riod oftim,(/) :has: r


10/32

el:l"t pO'lS,it ion '1fhon. i.b :is d't'o'pp,ing d.O\lm,~b tho r'atl!i o't: 4 - 'pai.ne!! par dllY J WOe k lOrlJ\otrl;;h" O'l" \l!ndel" th~ .nfle Q. : ! '- 1 x 1 ~ It is n, i.ts l'U~:xt weakest ;po!li't1o."l. when it~s d.r0p'piu.gdO\1m, "Und.er the anle c .r 2x 1.

STl\ONGES'r ,POSIT lo.N~ The:;\; oe k 1 :> in ~ s'\a :mg.e'l" J?osit io(o. Il..'nd i.nd. i'e ates a 'b att,8!:'

rn.lly wh~n 'it crosses theaitgl!B o .r ,2 x 1" "!:lui; this dep.ends:on, how i'a.r ii:; i:s dewn f'rOlll the top and. how f'o.rt.ne, o.n~10:S!l.:t"fl' e.pe.rt i :o.s will bee~ 1 a.i. 'I1E;1d.lLa:te'r una,e,!" the rill es

GHJ.NGIUG TREND: As long ~ a ,stocki:s d~cliningone point per day, week O l"til'ollth" !QT' fal1in~ 'bo,lQ'lt or un.c,,~:r the 450~gle ~ it i,~:rl:d.ll. 'in

e, bear market 00J . .d .in Il. "i'ery 'Wealeposi.tio:n~ "rh~,n a st.ock: rallie.li: a:nd 'GrOsses theOllgl~ of 46 0 flctter a !prolo~eddecl.in.e~ then ~ou g_ra, ~eEtdy~o put ~n the a.ng~oSon th


11/32

O~lJ:QS thrL'lti t h(I.!),IfilMo 11 ''bo


12/32

o.b301u.tely ~cGu:i:"!lte. 'l'hon yo,u OWl bl1i'tl. t,o E;tudy th~ rulo::ii tor dotorrr.-!i,ning t.he,trond acc()f'd.~:r:II:; t9 thQ p'Qs,it i.ono-f tho ~.toQ'k on ong;l(l~ ~

D!?~Id,~~l.ND ..'iTflPLE ,3["0);5. OR DOT10lllS

;lWLES CROSSJ.NGE;..cU O'EHr:J:R: V(hon 'lJh,~:r@ is 0. douhlo bottom sO.'V()'1'v.l QnY'S, w~'Qk!lOr month,:;; :l.llll.rt 1 yOU drt!:w '@{i;.l'(!la fl'orn tl:tOi;lO bQltt.O'IlIO I

wh,iQh :;I.);,~ p~o.r thGsM'le p):"icQ levvls, g. F'oT' (I:!>:oll.pl,e: From the first bQt=tot!\ d;rCi'i'lDo :1iS o :o;n.r;.10 nnd. frmn 'the ::l&oorl!!d bcti,:.oni d:t'aw o:n !m.g,la 01 ' 2;:c '1- thon, ....mon theseangl!l.'.i:;;; (;I'OSSeeLon ail;;he~~~, it will, he an important point tor a c.h~ge intrsM.Not~ en Oh.o:1"'I;ro.o.rlc!)d,FOl"'m 7~6 th . i i J . : tI ht/,'il\5 drtn'm the "45 .engl~ frrJlI'.. the ril':iit bot-t01!l 11]11 md thi!! wgli9 of' .2 . ~1 or. iibe Tight h:o.:o.d sei.d.e,of +.he45 ,sngh. "rhen~from the second. bot;tom 1"~Bn 1. h~v l~ouldl be a point to \\l"e.t;'ohfor ohl\'Q.ge in trond.Iho.vo plo.cod 0. Qi.ra,le, WP(lll'lll th.oso M.gles rr'o~ thQ dif,foal;'Oil.t b'iJtto'l'1ls CQII1;,Ci tWl:~th.illr

1I.pply th.is, rul(ij to d,oubJio 'bop,~ ffild triplot!D]?os in.neoossD.l' for '-b~o_-cops Or b,att.oms, tobo'e':lQD.o~lif a~ ~honcnl' thos,runo l~VG,l ~ RQm.omber ~ ;rlJl.Wa.yu dr:e:w~5 ~ug;:l'o.:snn.dhoi;;t O'!i:I,s, .

th.c fla.m.e' \'lay. It i~, not;;mR.i1l p;t'i,ce ).QV;;i ~htlu'bfrom o.U iltl1Lpo.rtrolt tops

_jl

,,' "

~ ~_ L ," -'."~

1 I' 'r I '1... i :: r I. 1A I I A i A. 1

I I IW 1 I' II I 1/VI" 1 /, :h;

I I I I 171 - . I. I ~ I IV '" ' "' 1 -1 . .. .11 1 1/ I

?:o.ro.llo1 $n;g1Q-'~ or l;i:rJ,il)$ rlm f'rom i.m,PQrt,cntt'ops and bottom.s. ,As li;r'E:lviouslyoxploin0dl~t.hC) 415 0 nn.glQ is tho m.ost 'impQ,'r1!an:t ond should bo L'kt"a.wn from I:l.liimport ~ttoli s ,md 'b,o;j];;'i;;R\~ ~ l::t , I l l . I t 00':::kdw,:rt.!l nd,'!J"o.no,:ing;.. "ItO d::!i"!:(W' a 450 OLn.!!; lQ ,from.tho 'bottOln- tho:n. i.f' 'the stocl,= ~l\.tl.kos t.< op ~ d0C, :U,"(lo;!;:00 \ d . .me.\(Q'iS .1) , highor bottollli.- than


13/32

o,dv,001.CO> ! ! o.nd)no.ke so . hig;hol:," t: ClP., '0'1'(; d r:'('(~~l;l. 4,6'0Illn,gl,C) frQmth~rir6't t oIl ~ rUDu i'tl i!;thlZi lino up. 'XhiGwill &i; 'Otbom i;s nw.d:e Olti.o.s 'tha t l1nEi pori,od 'bog:Lns f'i."()''f!l. -Chis 'bott'O!ll~ but th0 rxns;les mtc:rv,i;! up f'roU\. ! nOn .thQ.$ 0 Wl.(!; lot3t.J hould bo :d:;o..rt:Qd. O"ll(U"y t< imo, Il; Bt OC k mo.koll 0. 'b,ottOtll. 0 s POQ i.e lly onw 'O ( )kly ,W1dmrnlthly ohart~, u:'O,dsbould ti18'o bo e tLI"l"ied up on. im.j?o'rt an.t. Dl;QiVO'ments'on th() ' d.o.ny ehnrt. RxO!ltl,plo'.: Soo char'b m,fIl,t'kod Fpl"ll!I,4;-''1on pug.Ei' 14-,.

If C !. :!itoo~ nI;o.k.Ol) low Ilt ZOj. as sho 1JV U on. the Clhnrt~' .starting the 46'0' anglofrom nOn I! wn!onwiU thh o:n;glor@~c:h eO? Jto.,$W@!t: 'It will roru;:h 20 in 20 .dn~J>2.0 WQ,obo.l" ~,O' m.ouths :l' 'rQU!< th0boo\:.tom Qr it$ stru-ting poillt,. In oi:;her l 'lord.s~ in.ao ddly~ ~ 2(.1'weGk.$ _, Or 20 month,s;r it y.till 'be liJl' 20 f'r"Oim nOno.nd o.iI; tho~ico wheretho stock itlildi.() bottom.. ThO'n the coo,i.l.e w:ill (:;out:i.uue on. U.p at -t;h:e SOIllG re.'te, Cillcl1.at ~r ~ wh~lin. the't.Jt ce k: 'b:r~ ~k5 under tho 4.6,0 ~gJ.,of'-r'o'm th.(), :!)".Ct'll,~l'[).o,'t;,to~ l ! IW la ,ea,t2.0 nnd Ib:rflla'li:s the other :s.upport angles dr8.;\!D .i'l"oro 'the s..otual bbtroom &:b2Dl~thiliinext: im.po'rtant l?oint ter' sUpp>o'('t ''fill be. the angle ot 450 nO'V:in~ u. l? i '.rorm,ltO!ti ~\~Oti;ln this, ,ll.ll.fth :i.s, 'b.rok.cn, it is in the W,@8:,'ke:rtpOtlsiblO' PQsi.t:ion ,and indio.,atel~)J'I.uch.,'lQ.... l' p:r'3i.ou., but t;h;i,s d.epends on how high th~ :;;toek is "~Uing M.d hoofMuch it hEl l ,Sdeolif"l'f:tii nt the t im .C r it breQks bhe 45 anGle :i.":l:-om nOI~~ T.h~so anglosdre.;W"ll from i~01l7 especially the 4!:)Q angle" proves whr : !(l'i:;;\ISOthe athol'" .on~l.O:i: ~ All Of. th.Q othor Mglo.:s C.:J.fi bo usod. front nOn,. but tho 45,Qangle is the til" st O;Udm.o,st impoll"tcJ:lt 6 M te"J;."'tb i... Mg;lo i,s Ol'O ken T thorr. you 0 onu.se tho, Qt; ;ho: r tmgles .~: r: 'l :. isrtot n(;].cless o:ry toco.rry o.ll..of' th~\m o.l(m.g \.inti 1 yO"
mailto:Cll.gl,@mailto:Cll.gl,@


14/32

ncod thom~ 'but on. th8 ,1 ,>up :f romJIOn f:rOIJl. ltD irnpQrtru':rtfiT~t.jo sGoond.~ o.n.d third higher 't6.e"toms~ ~,specd.. {l.lly thas0when "~~rym.uch ti:m.eihe3 ~l6.pslJ:J: lU;l,~ee1lL thtilubottom.!l ~you sn.cm.ld nlso :sta::rtthe ",rrngleo,f 45 0 upl'r'J;l,Ilt "O~I fr;Oilll\!thi first." $Mon.d~ If'dl::O.hird. luwl}l" tops,. especiallY t.ho:oe whiehsh,ow much time patio'd. e l~'p"$eO.". 'ir'he S~ ml@;les are them.o.s t i1S;POl."t@'C to 'b ~ c a.: rt i_sdot'. tha weB,kly'and. J]lo:nt.hly oha:r1;B.~

N@or over leo k kee l ! ? i , n_g\l:pt.h 6 anglos f:rOlW. nOn "ba.cau. $ 6 they VIi 11 tell YQUWhen ''!:i"me,is .s,~uariIl.g o'Ut; with Fri.ce f);"olllt.o}l1;l endp!#tt9vMi ~d wi.llie-cate :!;up-:pa'rto:ng1.~iliQrm.Qvil"l;~~o:veG,o.G:,e H:n.esat ~. H0i1n t: on . th .a beu:rside a.:rtor the i'i:r.st".!"50 fmg1e r.rOlII!.a1b6ttam i< 8 Drok:tl"O. You cpu ld iI.at 10(I Ilt 0 this support po int ina.;ny other' way axe ~fpt by' th~~gl QS from, ":Ol! ~

You . .sh.ould $0 br!l.C'k OYe'r pO!.st ::r-0co,) :'ds fi:tli.d 'br:i:n.g 'Up tb;'Hl.e, ~~les o:nd .sg:.\tiL:rs'out d:l:rteran.t tops and bot:tom.s sc tha~ Y'DUC!lln pI"'.u .. . . . .sil;:Q you"l;"self t.he great "!;i'ulUGQf" U~ in:!l:1:ho:!l:'(,)' =.[JL~$.

I l / I V I I I I
mailto:cn.rut.g@mailto:cn.rut.g@


15/32

ANGV,H;S F :ROM~'l'O P8 OCNm TOnOn Atl]) trF .A~G}'IW~---=a=i

.A -i50ong:lfll ~t~rtin.g Gowr.t. frOTi1l ru1'1' i'::llI.portont top


16/32

You will ncno tho.t th~ 1,ow on thi:; Qh(lr't h li}Jown. ns J3 ? o.n.d tho ::i,took f!l(}VCHI upt 0 ~1 h i~h 0 r G~ 1. 48 a. l1i"hI;:J, ~ 'b c1r,l~rr~ u~ trorn. 'l~hQ' "bo~'l;: om, I . t:l.ud !:lIi'b~l b h~ ,:;!i;o,d::l;",clli).cho,s: toopMd s t'( l. '[ "t a , t o wOI'k dO'~m~~ t. bro~1k~th:~ ~HJ' ,angle" gptt xnf2: undur ita.tlA .pri.o 0:$,'59. lou "l 'd . :nno,tq tho:!;;; I haTo _d . ro lm lll:!otl'H)r ~5i!ln.g;10 dCfl'm h'o~ tho,bot'tom. Ul:t tl2 >cAt 'the !Joint. w'ttoro tho ~toek bro:::lks 'un,na,r tho 45 0 4l:r.t!~lo mO'TiUg; up

i'r om. 5 2:t.o 'tho 45 on.~lo movin~d'O'Im from 62; j tho d i~ : fiO (;) in po iu'!> : i;;; 16.. thol"o-!"oro th.o Mgl,o,z;. h;o.YQwl,deilcd \!n~~il tho .stock could do,cHnQ 16 pOints, if' it vt,ant:st.!'nisht dOl,m, boforo if; raMhod tho 4 50 angh moving d.ovm .from tho ibottOillil.

Noto thc.t. I ha:Ve sho\'ltl. 6'0. tho ch.art that tho stock CQubi'lli\,o,:; dc"in unti,l it,ro(~chos 40 "whor@ it l"Qsts on tho 45 Q o.ngla fl'om. the botton o.t 52. Thb wouldlin d io c:"t.o thost.ronsost s'Ul'l'po'tt poin.t O-'nd 0 ,1 ; ; lOOl:lt {}. t.em:porCl;ry i' "~.]y; @spocinll:yas thlli stoock is doVl'n.23polnt:> from th.e top,. Lnt(l,r' you vi'ill fi.nd un.der i~Resi::. ~e nc c [ ,!l'.Ivo:hl1 tlilc.t 22.1!to M point8 h C ! st.):"tmg a,li,lppoM ;point.

U. s. S.TE~:l,~ Ta.ko tho ,e,:d;:r(!lmo 10\Y po :I::ntot U; S. $It (3 el . o.t Hl;; in J(\'num-y, 1~2.7.St~l't Q, 4SQ ~&l~Q.nt,h'C:l mOD.'l.!:hly cl"j.Ocl'-t moving up ut th'fll :::0.;1;-0O . t :

0'1:\61 poin.t pOI' l 'I lOntll- 'than ~to.rt (I. 41:,0 angle nlOlling do"''n at thQ s.mIlO rflto.. ~!'hi:s:;hOW5 thQ :s'pl'!(l~ing of th() (J,n.&l'iJ~ : : rno. .whutcml ho.ppon whr,m S'bocl br~nk5 undor tho45 tm~lo co,mih~ up from. thf).i; hottlOm.cmd tho p,ei'nt "l'lhero it een doclin'G in. >ax-tromopt'.Jlidi;y mork.o,t.s) 1i~ 1931 and 1932.

In(i 45,0 tlouglocolfling up from tho, ).o,w of Jonuta'Y, 1921 c.rDssed. !It 155 illOctoh()r~ ]L9a!)" ~:.hoo U. :s+ st(l~l 'Or-oleo this mlgl~) it- wontdg,bt eu d,o'!m;tOlMiin Decomber, 19'30 ~ 'wb@re it l-\ils:t~d on . tho Wllg:lo of: 2, :it 1 l'r'o1ll.this bottom ,of ,JElllLU-, o . . ry.~71.9'2-7~ th~n 1"0.11ed to FohJ'u,o.ry. 195! ii.t:i-"'lllat th'o,'i;:;i1!l1lOi :; 1Orol;:;o und.Qr '[email protected]~10 co.f 46,0 1'.rom nl.~~ it '0'0"0;$'O ntho 4.5th mon th~ m"!otlto r ihd i.e o. t ion . .0 .1 ' 0. s'ht!.rp"seVGro ,doclin.Q" Bora wo look ~{;tho 45 0 'Em~lo moving; dO'!'m ttiJ':m, lllt ;and. find it.is 90 point,s dO'i'm l'romthe 45 M~10 moving up from. in~,. Th.ose :mglGS ~H)PO;N),too: t t'hel!'i'.t.!:l' ot t'V,Q f io)_ntS POl ' Bouth fin.d 1o,oinr; 15 months -from 'tna bottom .. tn,a "toe kwould hnvo to doclino 90pbin 'ts to strike ~hc 45 0 o:nglo m.oving, dmm i'rol!'! tho bo,t;-tQlm*1h


17/32

r-I L/ j,

1./1 I I

'I I i I -, I _ I,

You will see that We have sta.rt@d the; bottlom Cit : GO. The, st;oc.ic tt-dvroJ;cs sixJo.o~ths t.'C, '14~ to 0. poin.t ~TlUl'k~Jil! "Ttlffi'l.dmakes -Uo:p--rGact.s 'for t,nl'ol); ll'lo''(iths. toS4",orG:o.king: tho 45 1m~1~ but lo5'ti.n~ On th() n~lG' clr 2 x 1 f':rom -t:;hQ oottH)ITl--thcnst~rts u,d,vcmo.in~,a:.nd n nal,lycr'o ssas o.gCil.:i;n he 46,0 angle frOln 60, 6flk;ti.n,g -into n~til"O'ngF.lr 1 ?Q,s i Cion .> ' r.u .1 :v i, nG :l'G(5a'inod thi:s ung; Ie' '. In Ol"di.e:l. ' ' 'to ' dO't~:r'min e when , :it:mi&b.t mcet. l7osistiGitLc,e" as it is :in new h i ( S h t!J':rritot'Y'~ We d l t "I J .W ,!J. 45 ml'g.J.o,rom.t:hs top o. t ~4. Tl'.e stock O;dvo.tl:ccs to 00 ICHi. t'be, 22nd. mon.th from. ~he bott,om.~ str-ik-in.g th'Q ,4,6 ,0 angle tromthcf~:n:t tQ!? at 74, IO n tho U;i;;h month frQJ1L tho til"i$l; tQP~Being 16 points uip ahovo tho j':iui;; tQ]~, the Tim/!!oquals thi:) advonco :in 'tho - Priceci60ve th.o first t op ~ fbe, 45 ruJ.glo shows that, thi s i $: C I . st Jron.@l&osistooc; (3; !Hl:J.'ntMet il p'Luce to g>o sh;o rt with is t~:pCtil.@ to three F()i'nts S !.beve t h@ 45 anglo T - ,AdoclinGstc:.rts illld in the third _month the stoo\t;; i!\ge.ill, brflln.k'S under tho 45 anglefrom tho bottom (at 60) at 0. 'vory hi.gh hvcl. Ilbl.othc;r.' '11;1'0:'([10 I it ).05 24. FiQ,ints upir'Qn:t tho 'bottom Iil.nd4.a, now i-a n muc hw oC 'lkc l" :posi't'ion .,bcc!lus,O it is .~(\) r~l" from.tho bl;l.l>Qo.r :$upport" ~mld indicate:; (J. daclino t'!.g;;:::_in to' tho ang l.e of'2 'X 1 (murk$din B;rQon).

IDCnhb, ov:orlookt,his r'ulc ~ After a. ::';';0.0 lc ha,seo.dve.n.ced to a new' high. leV'ol~th,an (l~olin,es to tb.e oldl top at 7-1, thi~ m~y 'Jj"e.~ ,flUp]?Qrt point !Uness it llreiCLk",3po int.s uru111ll ' ;L"I , : .+ 'I.i' it d.ocs o.nd tl.l;sobret\ks tho Mg1.e 'of 2 X 1. it will be inu weaker position Md t.h~ D.~~t poin.t:, to wai;;ch fur" support a.."ld ti;, Ta.llywQuldbe the,next bottoM at 64.

1/fr-.an ~ s'Uodc that has 'i>(1Ien ~


18/32

r,;rom.. Q-,pe() io.lly tha- 1,(5, ml,c;1Ll l 'mC1;,FL'1,~down, u.s 1 hCt'V1


19/32

ai' 2 x l ( ; J .S,C.hl lO t :2: p()in:t ."), PQt" d~y, '0'101.') ;, ()r mOl'l.tll} @Q t'h~i '.jI,~O o.nglo hO~l tl.',;',$bott om + Whon thol .o.ngLo of '2 x 1 wn,s hra kan , it ir. d ie (l'bod thuib. the trond, hadturn od a own ~ Tho !'.it0.0 k doc lin bel rmd ~.a::lto,el 01lt: he 4 , 115 ' nng 1 {('k-then :r" 1l!.1odtU'l.Q,mMO 0. soccnd 10'l',i'I3'l"top-- tl'l(.)n 'brOka tho -t59 !:lXI!~lo== d0clincd ,shOLl":p 1y oind. r'Q,s,tl(:ldon tho 4500ll~,lo dr~\':,r~'). troil~tho 'l~op (\'1; 04, whioh ind.ioo:t:od tho.:t Tim.o ~md!.Frjc(:o,

hadilH?l,li,lJ,o.rod (ru.t, 0'1' W'Ol'G oqulJ!.l.Thi~ would b@ C!.po'inttoouy,\"fith 0. :stoll los ~ot'd'vr 2 : to g points under th1.s m~e;l.Q1 for eoro.llyoo.ck'to the lc.ngl,Q of 2 x 1 fromthOl t,QP~' !J[,$ shm'm on 1:;h.~ cho.rt.

II lI 'i feTy not iVQ :tOtS t"'moYiu~ mc,;r'k(!);ts;0. st 00 k mo.y s:t c.y tiibOVEl' tho anglo of -4 x l.Or tho cllglo ,of' 8 x 1 t1'oll1the.[t lrt::;t b'ott.o1n.,7 "I but Qn tho d,:;I,"iJ:;r or woekl.y :h~:r'tuft or this fin t aCl,lt Orol. g ;1e :1 ,s 'Oro eon~ it iadio Vit,esthnt tho 1:1'ond ho.s tU);'T.ed,r1QWP~

Alwr:l..y.:;;rJOm,omho:r t,h:ut Uftol" ill plolm:q;,ed. advanoo s : ~'{\'nontho mai.n tr~nd. ,turnsaO\m~ it is Gator tovfo.it for l"o.lli~s, and so11 short: thO;~ to buy CLgfi.i'llst thet,rond,.

11.1.1 of' tlhoso l'ulo::; ar-o l;."'>:lvQnlOd ~t thQ ornd lO t 0.. b@~T ii'!.ark:rJt or ~h:'q"p ,i1o,-clin.o. Ii: is im.portantto tl0'C@ whQU 'l;hQ mtl.rkot ~j;'efl.l"ts down l':r= tho l;o':.st tQ~

Qr 1'1I;'.lly c:o.d m~locc~ it~ l~~t .. unto bot'l,:,QlliI. Dr:tNW' t1t'l:l.glG!l from thb. 1M'!: djiQ'P endlo'ffl.tch whon th,o m~r!kot TOC'.cflCSthcsc "importc;.nt IID,glcso.nd crO~$c:$ thorn. FQI'e o x , c .mp lQ :

Of); ~Q;rch 9 1 Jl932 tho D'o",~-Jones :30 Industrial }"vorm,[j;os 1t'L!;lid.ofJ.c'i! '-:eo'put 90~f:rClli'l.wl\ich ri docH.no r


20/32

ing ( If this ar:8'le W'E'.5the r ir5l def 1n.1t..e ind ic~t i.on that, tn,e t Ti edn t.nrid he-at. urne;o up.

It. 1$ e. l:s ,o inllPOt'tt.llt \.0 rtvi(!w the ~ajQ [, sViin[ f r'om Nove lll l:i br tr '9' 1'931, whenthe Av~,rage;s reached a hi!;rh of n9t~ t o the 1,a:t.4()! in JulY; 19;3,2. '!'11i.iswasthe last. bi.g swine oft-he bear' .~r~~et, a dec li,ne of ' 7 g , point.s. 'The-half -w-ay

point of!:.'ilis was at 80. In Se;,pt(;!.mo.er.i1952. the Av'erag-~es ralli,edto 81-- thenart'er they r,act,ed to 50 and .adva.nced. 1 gettl.li18" '~Qve th.e half-way po1.nt. andcr-os sed 81, they , ) .1 :14icatBd an advance to 119 anyway. After t hey e 1 ,O 'w,f ina. .l i. bo,ttom-Sept"ember 8, 19(:)2 'l'op of r irs t. sh~p advance an.(~T cear !1Iarke'L

endedi,-r~',eb.ruar'Y and[ ~1arch,. 19"'S3 - S~cond hig-her bottom from 'which bull

n:eI' k.et wasre sumedThese -are the .fI1O:S;t. ;important tops and bot.t.omst-o !:Ira:w,enISles fr,om.

All mr~t cMpai;gns r up Or down, move' in ;'5..to. 4 . sect ions; Wlmn an advancestar't.~ . the market runs forsevElr'al 'Weeks or several months and then h.


21/32

Mo.st, ~rl-.et,~ r'\,In out, in l.h;~e l.mpoFt.ant SE!(:t. Ions or carnpe.lij'l'W. HOW~Y'larver rest ingand re,~ct i.na;1I if a st.ock Ci"Q'SSeS th~ t.hir'd top, it will theT! rLliOVeupLo the t,op ,of t he r,ow~h ,s,ect Lon, Tni,s fou::th advance ms,y' be a sh or t- er 'pe r.i.?d .of t i,lf~ t.han the' pre'viou~, sect. ions, or in 5O,~ Mes~ CQfi$We $, 'greater per HxiorU~I;e:.r esp;;:'d~,nY if the stock is vil!ry act.iVe and hi~h-pri,c:ed.'F'his fou:tht.opis very important and generally m:ar~s a. CU.l,JiI1iiOl~tlop {ilnd, ~ reV'er$,al fl!:lir '(;\ b ' : l I1E l ' ,e rdecline.ii"or example; On. !wch 12}. 1935 CHRYSLER HOl'DRSde:dined and. made low at. '31--

!i'lRST SECTIONof the anve.n ce cer-r ted,,;he s \. oc ::k up \"0, ,4 \1 '~ on l 'b..y 16-then the st-ock de'cUned to 4H.

SECOND egCnON- O n J\lne 2.7 the art vand e $tart,!a a.nd th~ stock: advanced t o:t'IJewhiB'h levels ~ reech inS' 52,ij on Augu:st 10" which 'Wa~ t-opof the :5ec ond MC t. i Qn~ t hen t . .here w.as e, reMt 3 .on ,t (l :;?~ai1da rJZistLng per.ioo.

TH IR D SB:CT:mN~ The'n,there \> . i ' e . s anet.her advance which started Au.1i"IJl.t.2,8.Th~ ~t,.ocl,~ cr ossed the t.op of the seccnd ~ec:tl'on and reache,jjhigh ~,t 7,1]" j'n September 11~, top of the- third sect i'On.. Thenfollowed a reaetloll 1.0 68 on sept.emo'er 21.

FO liP :,THSECT ION~ In O c tob erthe top Of 'the: third. sct~onw&;9 c r ossed ,and00 N(JveiIlb'e'r 18, Chr :y, s; le l" re~che :d ,gO , top 'of th e fourth1\i,~ctio,n.J where it oold, for S 'weeks' i-n a 6~p'ointra.nie whiled isl;.r' i b utiO fl was t.e.liI:ins p1a.c e. This waS '~ mDSti.rrJpo'I"'t1!J.ntp.oint 'to ll\o\at.ch f,ot ,a, f lnel topa:nd a cht;Lus'e in trend'. Thent he torem-d t.~rn@,Qd !(iWU.

Reverse :thls Fu.ll\! in a bear roarjmt. We,.t.h lobe actlon Q r the ffiltrkiet whel:l itme;kM the third and .foU:r"t,h decl in.e. fiut:.~ remelil',b,e'r', in a. beewrre;rk~,t when ral-lies ,C:,OJlfe, they w. .e . , ymake only one section or on e :rnoy,eor i,n e'x tr,en :eeases onlywa.ke th il l' s econd:seetion .. t.he'h reverse and.foll'ow tM ,min tr'end U'O\'iIl1"

YQ'U wLUf1nd. It v,ery h~lp.n.ll to :study am wat.ch tnl!s,e various sectlaoS ofl.!. campal.rrh arocli.:ly ap:plyi.ne the angles from t.eps and bot.l.ormt'i: you O,6.n dll:lt.ect t.hefirst. minor , a .oo.mj'o,r change.s in tn~nd.

the engle's on the Mont.hly a,net Weekly Charta ere 'of sree.'t,e:r impQ:rt,e,.nc'e thant,ho'se' on the :Da.i.}y CharI.. because the daily trlilnd! C'Ztll chane:e qu.lte often, whUeonly the majQr chan[es ,are show nac,c; 'ording to the a !1g- 1e s o .n 't.h e M onth lYaifld . Weekly Charts.

Always. coJt51der the diat,ance a st ock is frOI!ll :ita bl):g!m,nltJ8" point when. it'breal


22/32

. If 0. ;:;tcol~ nOl,::! ,[\!;dv{,rl'l,cQ~ltQ l50 o,n,a l\o,t,pQ:P.ly mo,,",I]j,dd(li!Hll '2:5 Vod;nl;;t.; \'r'h,on, th o159 OO1.(l;lo fll"~m .~ o:xi:roH:to 1.0'1/[ on . u. wCi,(jk:Jlj"()ll' (~ ~!\,(11'J;l:::hlyCnEl.:.t i:s bTQ~!)n. 'bho'O 1:t iii)in fi "!fory ''1,[0~k posit iCiJ; l ,DIi:)I!;:i~~ iJit. i : l ;! >0 i'm ." ~boV '~ tn o 1.,000l:f~wlllyr-o'int en it:l'lpri.'c()ll '!o"1Jcm.Q nt,~(!J.h-o~dy hU'Vitl.g GCjJu!; ' .reodQU.tthe til'1'lG p@:l"lod vn:.,t'h 1"r~o~.,

V.fm!J,.k~H:l!Sin. ~ :$:bocl!; dovelQP:S 'iruC{il :"i.tlor>$:~k:> tho 3!4-PQil'l.1o, tho Zj:5-poin t. ~'1i:bo l/z-'po ill t~. cd::-C... 1;J1I1'~ 'hhtij po:>itiolft:'~.,on thl@ timing f.\U1;los l'ro!i7! thQ bott-om ,t~ 11:>J'Qustill. m \Q t 'o O :i.t :1:::, ('1.1:::0 is o.to to buy WhoGifi 11 stoc, k r{'j.avc:t~ to '~hoIln!)i-o or B .x 1 (D . gain of'2: poit:rr;;s Pl;)lt t:trniil pB,dod) on 'th(l! w'(lI~l..JLy 9:r'tTllo1r.!.thlych~rl.

Remember~. Wfilri o:n:yst'O~k 1i:'Jrf)D.k15un.dQ" '1: :h@4SQ Z IlJ.gle f:rom the extr,(frJlC lowpoin toa: ~ rno'",.r@Q'Q th.~ drlily .. 'i'19~ldy 0 " tnort.thly ChDl:rtJ~ it is; thr::u in ~VfJ'f'y wc~~k]fQ1sit.ion ~d inO(icrrt!P.lO\ (l,ocliwo: "\;;0'1::11(1' TIQ)xt o.Pi.g,liIJ. H.c,,,,m"


23/32

l'bo 3111:i~,erulo appl iot to :0 . ~5c m1G)L(~ o..rf~''ffi 1lr[) f ro,m any top. 1I:rhon ,U, ~too keros sa is tl:tL3D.n151~ on tM dui.ly ~ w80kly or ll'lont.h.ly o.:r..d s,i;:a.ys o.bove tho, 45P o.ngl.I301' iD.ll)' ather' \ l l i ; l ,@to tll}} l s r t of tho 450 lo.n~l{il. it is in ~ 'very $tTon~ po,5i.tiou..

A.:f't~r n ... ockQn.c ~ drops 1i:N~lO'wOr iI@ts V1bov~ cmy i~po:rtan.t W;t.g;lo und t,fr,,[i),n.r O l'lQ r s o s i.t S PQ a it iLon.by e;o-ttiTIrs. h aQ k ubov~ the M gh or -d::F'o:pr.rin~ hoo k: t a ],O'I'l it Iit chOi...'lI;Ol th.otr o.'nd. tlga:tn.

A :ltoak is in eGtr'on~ position. f:r


24/32

e:K:t,re-~s declines. BJ'~pply i[1,1:: [l.U of t,n(; rl,~h3 ~ us ;i,n~ t.he g-eOrrJ . l1 : t ' l.leal anF~esfrom t.ops andbottoms. on t~e s~mii.- vmakb chart., you 'dill onen' get e.n irK!ka-lionof a chang~ inl.rGl'rdl-wQ to trn-eGl days befor~ a cm.hl?e. in tr'emcl is sh"W'n on thew~,ek:ly chart..

A ,change in t.rend on t.h~ sem"i..;wee!dy chart is of g-f'eat'er imp,ort.anc(";: t,h~;n acl'u~nge In it..rend on t.he daily chart. It, is much bet tel" to rely upon. th..i.s chartt-han en the daily chart when markets er e in a nru-rowtra.dinii" ra...fJg~.

Year's of exper rene e and res ear ch, whIc h hes cest /l'IS' a 1a:.tgeruJl:ount. of moneyheve enabled IJJ:eto deve'l op amet-hoot hat will accoun t for '1'1. .11.trark:et iJ;) .ovement$and give rules to determine t.he t.n;:nd (rOO! any top o:r bot.t.om.

It. is imp'ortant "to know how to det.ermin.e tM trend whena stock io 5 firstlistd ,011 any exchange. When a st-ock has never flu-ctilJ.iat,ed before. w@ have no topor oon OD l to d rarJ'l'e . .ngla s f. om. 'l'here.f o re .,.in or-der t Q d.,e'term ina "the tr,eoo, w euse' t he squar-e of 90, wh i ch is 90 up end. 90acr css j and put ,a.ll t he :nat Ul'"all ang Lesen, lU~e t.he Pat.tern Chart .. As we have s~)"d hefo"('e l the s'qua:reof 90 is veryimlportant because .it is one-quart.er- olf a circle of 3600'1 and as 90 or the v@r-t,lea.! alllg'le Is the grea..te'st atlgl that. can be used , all of the other an!lles arefoun d br.;d,w eenHQII a:nd ~1901~.

If a new st eek Q:pens


25/32

:s x 2.'1iNGl..E ~ This cm:.~lo 0. ~ x2 On th~ 1 ol."~ ,d.G.0 of thG 45 g. nngl.:: Tiso s ut t:hr\'!l~t:() "Jr' 8' poin:t~ till 12 month~" A stock must show n r;ain of

:3/4""'PQi::n.tpor month in. o);"do'r t;:,Q k.00PCLboY0. this M,ffS1e. l'h),,, pn.g;h catt be uSQd"fholl othQ~' iHl.pOl;to.n.t anglo.:> from UliD, l)Ott om 11Q'V'e;;prQ-i;l.1;;i.:1 Or suppo'l"i; p~int lDehmoIl. ~ho.o,tbor ~mg;l!1:$.

On. an Ghrurts-..,do..ily~ "\ :toQk1.y or m!o'O.'l::hly....:..tho pric.o tl!iU~t:tilllOVO upO-T' dQv/ll on,the 'V'orl it: n.l ().:n,fjllol$. ThQ;r,otore" . tn~ p,rLc e mO'VC'Dl(1lnti:s tho ,sfiffiO os lC'.::ti UG n Youtlh01iJldb'0gm '\1tl:th %.0'0 or UQH Olt!:. my chi1rt--.J,";ily~ ~!f'~,:")f;.1Y'0:1' n?uthly~-;,,:r~o. aN:;:.' thoim,[)ort:!;lll,t o.,nglo5 and rosi.stm.oolevcb .('lc.ro;u ,which mf,:llisurO lilititudo.

li'o:x t.",n um lbor t.he'(;,i'mQPO;l!).ii;:.:s ir:t cl?iY$-' \t~oks 9rl!L91:!ths 1;l!t;f;r'O~:::: ~ilnd ~.(-Jw th~hOTi~ ont. < It nl~.lo fl.t 0 neh imp~rto.:nt nrd,:u;:rd nn,glo J' Sl!1a hOI:'! ~ :n~. 22;i ~ ~ ~.4!5 s56~. 6'7~j,'7a~h )0 j.. lm.~~ H2.~~ 1:20.~, .:lite.. Tho~ you "rill kn,au.'thotll pric:.o rcneho;!':th.e !;Ie i'ln]? ort:;"rd::: r;:n~).os riln(i 1i\6gt:5 rc s.iist o .n .ca. "

]"cmr:;itudo mO~S"'rO'3 thotim.o l"unnin.g;llcro.ss the. chart.. illS it mo'1!QS ov;:;.:roe,chdr:.y" WQ{}k Or l~l{}l1th. 'irhor() fore . you lII1iU .StkQoll'l YjJiur ,eh['Q1'.cb. 1O.Umborod !':roffi ,ot~ch.1lnport.mttop '~.~'. 'b~ttom ,in 9~d!(li:rtO go!:1ttbf,l ti'~o mOp.;urol~


26/32

);,Qn,gsQtho \)ld Or ,dt;:1Jf'tl}>'ft;',rq 1~q.V~l~onii;: @o, ),0 the l.Mt PWQV'~ do\:trJ." YO'U count thofirst m~n,t.hup M ,one! Me! then numbo~ lliC:rCl$S on th~ 1/2:~1nch squgJt:r,~.st rlmn.ingth~nl'. ooro~ s , adding four each tim.e.

For 6X~p le: If:a s~.;Gc k ha.s made bott Om and adv@'!l.ceo.SOp,oint s ~ ;rou 1Q 0 k

dO'tm,e.tth.e I:lotto'il'lottn-G ch,o..rtW'lQ ,fin.dthJ!lf.::you a'r'e O!li. th.e 2~h. 1l!.Qintl1~'then. th~ru:i ~l e o:f' 2 . .X 1. 'trQ,o:vinr; lJ:~i? 2; po ~Ln.ts p (j,r mont1"~.. '''"fOP ld c 1'0$ sat" 50.. 1'I'rri1 . tho 4., 5.0retg 1e Iffiovi.ns, II;:,p ol t1 i.e ;p oin t p ,e l:."m .ou'th .w ouJ ..J. 'be tA t 25 ~( l ; ! ! l ; d . if the s"c oc 0 : bl"O ke b (tC kund~,l' EO the fol1owtn~ :m,onth. it wou1dbc:l fallin.g und'B,:rt1J::lJ;l,o.ngl!3 of 2 , x 1 andindicc;l;ttl !. ' i furth,er d~olir,J.t~. Now :it you had a.'l ~n:'roron the oha:rt in. tha, ti.mingOr n.uC1i 'tHil l tin.g a.o:!( t ls5'ro,mth@ ~ottOTI!lt t]l(!l]1c t:he m.o'Ving . ..t\!."Ii~H"ag:C\l 11.'[103 or angle would::not c eme c!lI.d::col')!'ectly.

TIME P3RIODS FROM 'JI'OPS:

A:rtor a ~toek has ud.\nmc.ed and mi&de. an ext'r\i!m;eh~.g;h ~:nd!. retl!ctlEId fora f(;lWdt>:ys " a f~e e Its '" 0 r tJ . . : towmQn:th:s. and you st ~:rt putting ot!:. 'the ~\n~1'0s f'rOiml the'top d own.~ you 1'Il1I).st.then. be g;i.t1t on Uill11bertho t . : , l in:@po riods ecro sa :from th !'l,t op A~V,l the, .tactr.e , l ru)L.e :for th6 top ~ 'The month, '!,,"le,e kor d.o.y 'thuta. $too k m~tk}~s ex-tr,em hi;6l1: fililishes the- upw~:rdmQV!Hl!UHlt ood i~s; rliOt to 'be counted.. Y1;!;U Co:tl:. oou'


27/32

but youshoul.d not. corm lder ~bOl.tOlIl es t..abl t:;hed ui',!;.!.l t,he m':l.'k~l.' l~h~ 1d Ii"l.p orndv,~,nccd l.hl'{le t. o rour loont.h:'l J I,,hen C Oinmet1CC m.1J;)inerl~llJ frOtH n .h a.t b et,L'OOiif U ,appears t 0 be impoit" t ant. F CIt ( ; x a omple ; .

U. 8. STEEL Wi;l.S i.ncorpote.l..ed!February .25,. 1901. Nwuber lng the: ll1'Io.n!'hsacr~H;;SYOU wi'll not.@ t.h~t !febr-uary, 1931, was 360 months, or 30 yr.ars, .from

t.he dat e of incorpora.t.ion. Th!l'fl start a ne;ti cycle and beg in number .1118ac,olSsfrom il(lH This will be workit~g- out, the second cycle or circle of 360',

The 'Fre";


28/32

:: I_ ~-."~ ~'


29/32

This is one 01' L.t1emost... i.mporn.~..nt, a.nd valuable dl scover Ies that. 1 b[LVI!!'. everli"ade.~nd .if Y'01,;~:;;t i.cJ~ stt"ictly to t.he rule, trnd .aclw(i,ys ',.;latch a at.ock ~ltli~T1I Pr i eis squared by 1'iif.e J or when 'fi!il~ and Pr-Lce cone tOl5eLhef> .you will be able to

rcrecest the i.mportant. cila:nge~ in trend with g-reat.'er eccurecy,

tne squat ing of Price wlr,;.h 'nroe ~ans as equal numbJ~!:rofDQint..s up or dow:nba.Ianc I n:g an equal .tnlmber oft lr.1!;lper i ods ~-@ i .he:r d.ay,s j ' l ' i ' e ! , e :ksmonths. Forexample; If a. stock liasadvanc,ed .2:4 po int s 1024. days, then ro:oving t.he 450.ang Ie 'or moving,-average"":1ine up at tll: rate: of on@" poi.ntper day" the timingline or time period end the price of t.he stock are at the same Ieve 1 and t.hest ock is r-esv ing on a 45 angle :t.Tldyou. should, watch f or' an important. change rnt.rend at thls. point. If a stock is to ccntrnue u.ptr'l'l'rld and r\e~i,t1 in a stron,gpes it, ion~ l.ttmlst cent, tnue to advance and keep abov the ang-le of 45., If itbreaks back under this angle, vhen .it is out Of its square on the bear side of't.he 4 5 angle and in ,a . weak~t pes it, i.on, When you ar'e s-quariQg out ' i:irne on a.daily chart J look at, 'the w!;',ekly high and low cbar t. and monthly hilghand loIN'chartand see i.ft he at-cck is in a st.rong pGS it.1 on all'ld has yet to, r-un odJt.t,he: 1 ..),ili1eper 1003, because on a da.i1y char t, i.t has to' react and t-hen r-ecever ~).pes iU.on,squar lng its pr .ice Im!.ny t,llifes ... as long- as the ",,'eekll,y and monthly point up.r-'iaJ'"kel,.,cor;r'ee:llou:s Of' re,1!l.cl:. .lon:; ;at'e simplyl.he sQue:ring out of minor time per- Iedsand la1..er tl1:elb,ig declines GI" hi" advances are the squaring out, of wajor ti.rreper lode .

..~Yf,:li:UtQ~.!]UANtJ~L. Refer 1:,..01Forrr. ;~12~ where a ra'll& of 12 point. ,$ is $hownf.:r>crn48 low to 60 high. Now, suppose a stock :rellr~in8 for

eever e.I WleeksOi several months, rnovlng upo!'" down, in this rafi~e, never t(,e.tti.ngmore t-han .t2 points ttl' from "'he bot.tom and not 'brea.king the bott.om~ w ~ ,st.ar t,the' 45" 8Jlg:l.El! from the bottom of 4.8 and. move it up 't c thet.op o. f the range t,c60., then when 'W eae e the st.eck is hold i.ngt.hls .range and no't~oitJ@' higher i wemove the 45 0 ,a:ngle back to t.he batt,orn; then back t,e the top of the I".U1rge aga.i n,moving lt. IJ.p or down over

tMsral1g'e until the st.ock b'rea.ks out into new loW'

levele or llQW hig-h levels. You W'i11 find that everv t.i,~ thGt 45 an1l1e reachesthe 1:,..0 P of t.h h~ ral:1ffe or the. bo ,~ ,tom of this r arlB"fl , 1 ;.he re 1.$ s ewe impor t, an I,.. e h . . a . nB " ein. trend or the etoe.k.

YQ'1,lcan a.ls,o use thif: angles of 2 : x 1 to 'th@ right,. oft-he 4~O aT\[le and the.2 '!: 1 to the left; as they aga.ii1 ' i iiiv1c!e the 'r irre Peri ed into tWQ eqtt;1l.l p>".lrt.s.andare of $Olir~ value.

Ifa s'!"ock finaHYt'i'l:Oves out..oft.his range on the up side, t hen t.h~ angles1riI.ouei! .heg i,n at .t .he nee"'" and h ig-her bat1 .om and mov!?up ~ but :from t.he' poin t. '~her et.he st.oc::k w.:nt into new high, or from at'LY import.ant. bottom madie while it WaS inthe rangelespeclally the last. bottom that. it. nude~ whichwQu.ld be 1'Il>o'stimportant jyou should 1; . .hen bel? in an arlB'Ie al,.. that h 0 L t om and cent i.nue on up ag a.in; wat.ch

\'J'he:n t.his angle is broken at 'When T.i . too;is square'd ,out ag-a.i.n wHirl Price,wlnicn would be im.por"tant for Mot.h~r chani~ in trand)' e1th!r mjor 0([" minor.


30/32

Th~ year cent.a ins 5.2 w~eln::, and ~h~ squa.re of t.h~$ ~n Ti.1OOand Pr ice ils 58

by 52+ '1'herefor~ you call mal(!e up a squane of 52';,\tlde and 52 hiB'h; put on aU'0.1 ."the angles. from I~OI"l; t


31/32

Th.is M co un .' !; S f'ot" lOt Q C 1:: : ; th 0.1; 11D.V'9 0. s hLWP ~ 'q '.lie kdoc l:i.'l'l.o frOlJltho t ry~ ~t'i.dthen wJ.ll!mcQnnd 1l 'Io.ko n sligh't.1y highol" top 'Ol' u soriQ $ cd ' slighi~ly ILo>ror t .ops.( ' .no, ,mrk oV"!;;.\ .U:i;,til they OV'O:'"CQffiO tho squn.l"O of: tho pri t;.}'lJO) Ull!1lo Q . 1 ' 22~o fl tron.1$.0 r t h'lln 11~ 7 B ec ClUSH3> it ist'l'l'lce n SL llt'lCh l b 0ilt'l.~ ,the 5a:m.o reMon t.ho;i', (l ""'6 ,0 CXIIgJ .eiss'trQ~I5.!iil' t:4rua a 2;Z~_O IID.gl@. Ag,c.in, the rmgl!} o:f 67~.!O isl-} ti~os 4S.th,E)ref.ore q.uit~ s-tron.g \;fhenunybhing is movingu.p tow[l1"dl90"o. 78~o is st)('ofi.(;,er tnm67~O ~ bee 0.,\).56 it is'{78 0 t 90" Wl,d th.el.of'ore one! of thestrc:m~,est PQm.t~.bEl,fore90 i~ reu.ehod-~i.m.l?o).'t !In.1\:; t.o Vi"rl:;,cl'J.oth ot'.:.t'ilnG" pria.~, andllQlwp,Q. k;!:qly $.tClGk~. ho.~ ;i.mport;OX:L't mGVO$ [\nd mAk.~ 'I:.op:;s 0'1'bott.on\:;;. aro1JC!:ld the 7Etth. t,g BOth. d!."-ly~ '!,:'/'{)~k Or mon:thJ,lbu'l:;don I t(fV(),r look 84, month SOl!;" '1 ye ~,"1'"s j ~ strons; it; ),ffiO Q yc 16:..

DIYUION OFU:1/8-PHlNTS

Ihyul'~ th,~ o.n.(1;les of l/Sor :0. cir~l~ most i'mpo1"t~..nt fOli."timor.n.d apo.c:o m~;fI.ourGmoot? . BeGOIUS~ w'O divide $1 in.to lA, l/4.'J fu'1d
mailto:[email protected]:IID.gl@.


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1/ 8 pl;Ut . !J. Wo \.HlQ as Om''lt:,l Or- on o oll.u..d"()l-iEiO (jon '\;.o c r ho.J.fdolln., ( J . , . "Ld ,),Cq.:t~yCliI:i.l" s C.(~O WI:;! hud 12'~ cent pice@:;. '~\Ihi1,0 -tho mQst important ri.t;U'X-o.$ 01" OU::, blls bof m'"mcy are tho f-oul" qut\rtoQ:::'~,~ W'o dO' U::Hil ,tho 1/8 p~rt Ql" 12* ,eonts in 0..11 ct~l-O'lllt\tions. stock fl:~tuUlti'on3 nrC, 'b'M~d oq. l/i9~ 174.~ S/8" 1/2 . 5/S.3/~. '1/0l:.m,d -the w'h!o,lE:! figure. 'l'hl\ll"(1)fo1!.":o Bny price rnC)o,o.",,~r@lliont, ;;;.:.\ " ,;a lo)" o .std.m.e .wi7J.l 'l'lC'-,r'kout Q1Q$.ls 80 c .. :31~ tlt}unh 1:35 0 ~. 50 ~o'Uo..h iBOo, ~ S:2.t@q,uo..l:;22S0 ~ '15 Q~u::;l.ls 2'70f82~ IJoquaJ....s :n5 Q., ~ 100 0~'I1o.1s3606. For DXI~'mple:

~an 0. ;Sb:H'r.: seU:s ,at ,50 on the l~Oth d~y, W~(lk til" 'month l it is. on the do-gYM of it,,, tim'@ ,anglo.

On F'a,bru!lr'Y 1~ 1915~ U. S. 8tc'.2;1 mud((la low nt 3B, '1'lhich isclos~st tor.1> Tic 0' of 37i, 'Which isS/a of 100 tlnd oqu:lls 136 0 o.nglo. Stool IUS 14YEHtrS or l,S8 l11cm.ths ol.d on Fob~ufLrY ' ; 251 , 1915.. :!t1:td hit th,~iln(l;l~ f 135.,wh.icb sholin"od tha.;t ,st 1 we:;; h~hi:nd. tim~ J 'but thiD.t: it 1,'t:J.~ in t:. .strO'liibPQ.:: it i, l; )n . ~ho 1.Qj,;ng r.il::38 i;(bo'lf\) tho 'l SSoD tm61.e 0;' 'thClpri~o of " a'7~.

Who'n st(lOJ!. :rr!l~.l(;:hod 200,. it oQlun.llod 2 circles of 56-0 Whan.it c..dvclnco;dto 2.61i. it l'fn~ closest to 6:ii in. th,a third 100 or neo.r~:st the 225 0 M~laor 5/8 point .. ~';fhioCdlh. the strorn;~ost roJ.,(j;lc uttor it erG;!; sod.thG hr.lr"""'fe.:_v'lwint. nt 2:50. o;t' 100 0 f'illi!.h.

W.D. Gann_Angles Course

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Transcript of W.D. Gann_Angles Course