ADVANCED MOMENTUM
WORLD DOMINANCE
CATALOGUE OF CYCLES
COMMODITY PRICES
40 MONTH CYCLE
DIVIDEND YIELDS
ZIPF’S LAW
ONEBASE CYCLE
TWOTREND CYCLE
THREETERMINAL CYCLE
TRIADS
THE WEB IS A BOW TIE
1
0 2
3
A
B
C
0%
17%
33%
50%
67%
83%
100%
1/6
2/6
3/6
4/6
5/6
WHERE ARE WE?
RESEARCHER PERIOD (YEARS) AVERAGE RELATIONSHIPS
KITCHEN 3 T0 5 3.33
JUGLAR 7 TO 11 10 3*KITCHEN
KUZNETS 20 TO 25
BERRY 25 TO 35 30 3*JUGLAR/9*KITCHEN
KONDRATYEV 45 TO 60
STRAUSS AND HOWE 85 TO 99 90 3*BERRY/9*JUGLAR
RELATIONSHIP - ECONOMIC CYCLES
3 YEARS
MINIMUM
EXCITABILITY
Fear
Tolerance
Passiveness
Lack of unity
2 YEARS
EXCITABILITY
GROWS
3 YEARS
MAXIMUM
EXCITABILITY
RIOTS
4 YEARS
DECREASE
IN
EXCITABILITY
INERT
APATHETIC
CRY FOR PEACE
HUMAN EXCITABILITY CYCLE – A J TCHIJEVSKY
FAITH
DEPOSITS9 YRS 9 YRS 9 YRS
FAITH AND BANK DEPOSIT CYCLES
VOLATILITY - VIX
MUTUAL FUNDS CASH/ASSET RATIO
EARLYECONOMICCYCLE
MIDDLE ECONOMICCYCLE
LATEECONOMICCYCLE
REDEFINING SECTOR ROTATION
REDEFINING SECTOR ROTATION
THE 9.6 YEAR CYCLENumber of Atlantic Salmon
Abundance of snowshoe rabbits in Canada
Heart Diseases in Northwestern US
Grasshopper outbreak
Pine cones are plentiful in cycle
People join churches in cycles
Women are amorous in cycles
Sunspots erupt in greater numbers in cycles
Poets are more creative in cycles
Weather fluctuates in cycles
International battles fluctuation in cycles
Stocks and indices fluctuate in cycles
REGULARITY IMPLIES PREDICTABILITYSpeculation and War - ERD
Murder, 6PM-6AM, High Jul and Aug
Burglary, 6PM-2AM, Saturday night, Dec/Jan/Feb
The most uncriminal month of all – May
But more dog bites
Jun is peak month for suicides
Admission to mental hospitals
Also peak month for marriages
The number of earthquakes fluctuate in cycles
Real estate activities fluctuate in cycles
Male emotion
Industrial accidents
Advertising effectiveness fluctuates in cycles
Even political landslide and number of infants born per day
SCIENCE WITHOUT CYCLES IS INCOMPLETE- ERD
MOMENTUMCONVENTIONAL AND NON CONVENTIONAL TECHNICQUES OF FORECASTING
CONCEPT - THE BASIC PREMISE
MOMENTUM – DEFINITION
BASIC MOMENTUM RULES
CHARACTERISTICS – VOLATILITIES/ EXTREMES/DIVERGENCES
INTERPRETATION - SIGNALS
CLASSIFICATION - BANDED/NON BANDED
CONSTRUCTION - SPECIFICATIONS
MISCONCEPTIONS - 0 TO 100
CYCLICALITY - OSCILLATOR
PERIODICITY - DEFAULT/GENERATED
SETUPS - MAC2/STOCH2/R3/COMPOSITE
PRICE PROJECTIONS USING RSI - POSITIVE N NEGATIVE REVERSALS/RE-ENGINEERING
SUMMARY- MOMENTUM GRID
CONCEPT - THE BASIC PREMISE
CONVENTIONALISM
TREND DETERMINATION CONCERNS PRICE/TRENDLINES/PRICE PATTERNS AND MOVING AVERAGES
THOUGH USEFUL, TREND IDENTIFICATION HAPPENS AFTER THE TREND CHANGE TAKES PLACE
MOMENTUM ON THE OTHER HAND WARNS OF LATENT STRENGTH/WEAKNESS OFTEN WELL AHEAD OF THE TURN
RULE – MOMENTUM ANALYSIS SHOULD BE USED IN CONJUNCTION WITH TREND REVERSAL SIGNAL FROM PRICE
OSCILLATOR USAGE IN CONJUNCTION OF TREND
“SKILL OF JUGEMENT AND INTEPRETATION MARK THE LINE IN THE SAND THAT SEPERATES THE RETAIL TRADER FROM THE PROFESSIONAL” – CONSTANCE BROWN
NON CONVENTIONAL
VOLATILITY COMES FROM INDEPENDENT MASS OF RETAIL TRADERS
LONG LIST OF INDICATORS AVAILABLE OVERWHELM
THIS LEADS TO INDICATOR FAILURE AND CAPITAL EROSION
HOW TO AVOID THIS AND USE FOR ADVANTAGE?
INDICATORS FOR TRENDING MARKETS LIKE MOVING AVERAGES
AND THEN INDICATORS FOR NON TRENDING MARKETS SUCH AS OSCILLATORS ARE NOW OUTDATED
MOMENTUM – DEFINITION
VELOCITY OF A PRICE TREND
ACCELERATION OR DEACCELERATION
MOMENTUM A MISNOMER, AS IT’S A GENERIC TERM
A FLUCTUATING LINE THAT IS CONTINUALLY OSCILLATING FROM ONE EXTREME TO ANOTHER
ALL MOMENTUM INDICATORS OSCILLATE SO WE CAN CALL THEM OSCILLATORS
OSCILLATION OF EMOTIONS AND PSYCHOLOGY – GREED TO FEAR, HOPE TO DESPAIR
JUXTAPOSE SENTIMENT INDICATOR WITH MOMENTUM SHOWS SIMILARITY
MOMENTUM ANOTHER WAY TO LOOK AT MARKET SENTIMENT
TECHNICAL ANALYSIS IS THE ART OF IDENTIFYING TREND REVERSALS AT A RELATIVELY EARLY STAGE
AND RIDING THAT REVERSE TREND UNTIL THE WEIGHT OF EVIDENCE PROVES OTHERWISE
CONSENSUS INDEX OF BULLISH MARKET OPINION
Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun2000 2001 2002 2003 2004 2005 2006 2007
PriceRON
10000
20000
30000
40000
50000
60000
0
RSIRON
55
65
75
85
50
60
70
80
90
Q.BETFI, Last Trade, HiLoCl Bar4/30/2007 66,593.19 57,740.36 66,395.27
Q.BETFI, Close(Last Trade), RSI 144/30/2007 74.557
BASIC MOMENTUM RULES
1: THE OSCILLATOR IS MOST USEFUL WHEN IT REACHES AN EXTREME READING –
OVERBOUGHT/OVERSOLD
Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun2000 2001 2002 2003 2004 2005 2006 2007
PriceRON
10000
20000
30000
40000
50000
60000
0
RSIRON
55
65
75
85
50
60
70
80
90
Q.BETFI, Last Trade, HiLoCl Bar4/30/2007 66,593.19 57,740.36 66,395.27
Q.BETFI, Close(Last Trade), RSI 144/30/2007 74.557
Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun2000 2001 2002 2003 2004 2005 2006 2007
PriceRON
10000
20000
30000
40000
50000
60000
0
RSIRON
55
65
75
85
50
60
70
80
90
Q.BETFI, Last Trade, HiLoCl Bar4/30/2007 66,593.19 57,740.36 66,395.27
Q.BETFI, Close(Last Trade), RSI 144/30/2007 74.557
-29% 512% -31%
145% -31% 73%
Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun2001 2002 2003 2004 2005 2006 2007
PriceRON
0.05
0.15
0.25
0.35
0.45
0.55
0.1
0.2
0.3
0.4
0.5
RSIRON
52
56
64
68
72
76
84
88
60
80
QSNPP.BX, Last Trade, HiLoCl Bar4/30/2007 0.5750 0.4950 0.5550
QSNPP.BX, Close(Last Trade), RSI 144/30/2007 49.788
BASIC MOMENTUM RULES
2: DIVERGENCE BETWEEN OSCILLATOR AND PRICE WHEN OSCILLATOR IS AN EXTREME – IMPORTANT
WARNING
Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
PriceRON
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
0
1
RSIRON
55
65
75
85
60
70
80
90
QBATR.BX, Last Trade, HiLoCl Bar4/30/2007 1.1100 1.0400 1.1000
QBATR.BX, Close(Last Trade), RSI 144/30/2007 67.668
25 04 14 24 03 13 23 03 13 23 02 12 22 02 12 22 01 11 21 31 10 20 02 12 22 01 11 21 01 11 21Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 Mar 07 Apr 07 May 07
PriceRON
1.6
1.7
1.8
1.9
2.1
2.2
2.3
2.4
2.5
2.6
2.7
2.8
2.9
3.1
3.2
3.3
3.4
3.5
3.6
2
3
RSIRON
5
15
25
35
45
55
65
75
85
95
10
20
30
40
50
60
70
80
90
100
QSIF2.BX, Close(Last Trade), Line4/29/2007 3.2000QSIF2.BX, Close(Last Trade), RSI 144/29/2007 63.692
-26%
Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul2000 2001 2002 2003 2004 2005 2006 2007
PriceRON
5000
15000
25000
35000
45000
55000
0
10000
20000
30000
40000
50000
60000
MACDRON
-2000
-1000
1000
2000
3000
4000
5000
0
BASIC MOMENTUM RULES
3.THE CROSSING OF THE ZERO LINE (MID POINT) CAN GIVE IMPORTANT TRADING SIGNALS IN TREND
DIRECTION +52%
Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May1999 2000 2001 2002 2003 2004 2005 2006 2007
PriceRON
0.3
0.6
0.9
1.2
1.5
1.8
2.1
2.4
2.7
3.3
0
3
MACDRON
-0.05
0.05
0.15
0.25
-0.1
0
0.1
0.2
0.3
+32%
19 20 21 22 23 26 27 28 29 30 02 03 04 05 06 10 11 12 13 16 17 18 19 20 23 24Mar 07 Apr 07
PriceRONLog
2.85
2.95
3.05
2.56
2.642.682.722.76
2.84
2.9
3
3.1
2.6
2.8
ROCRON
92
94
96
98
102
104
100
QSIF2.BX, Last Trade, HiLoCl Bar4/23/2007 12:00:00 PM 3.2000 3.1900 3.2000
QSIF2.BX, Close(Last Trade), Rate of Change 124/23/2007 12:00:00 PM 107.38
+19%
Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul2004 2005 2006 2007
PriceRON
0.2
0.4
0.6
0.8
RSIRON
40
60
80
Dec Apr Aug Dec Apr Aug Dec Apr Aug Dec Apr2004 2005 2006 2007
PriceRON
0.2
0.4
0.6
0.8
RSIRON
70
80
90
CHARACTERISTICS
KEEP IN MIND THE TYPE OF TREND YOU ARE ANALYSING
OIL TANKER VS SPORTS CAR
LONGER TERM MOMENTUM HAS MORE SIGNIFICANCE
THAN SHORT TERM MOMENTUM
INTERMEDIATE TREND REMAINS KEY FOR TRADING/ INVESTMENT
UNDERSTANDING TREND DURATION REMAINS KEY
SHORT TERM MOMENTUM OVER LONG TERM MOMENTUM
MARK EXTREMES
TLV.SAPTAMANAL
TLV.ZILNIC
CHARACTERISTICS AND MAGNITUDE OF AN OSCILLATOR SWING DEPENDS ON
A: NATURE OF THE FORMULA
B: THE VOLATILITY OF THE SECURITY BEING MONITORED
C: THE TIME SPAND BEING USED
EXAMPLE: NOT POSSIBLE TO COMPARE OSCILLATOR OF A DOCILE UTILITY STOCK WITH A MINING STOCK
EARNINGS OF MINING COMPANY MORE TOUGH TO PREDICT
UNDERLYING VOLATILITY HIGHER IN MINING COMPANIES
INVESTOR PROFILE MORE STABLE FOR UTILITY COMPANY THAN FOR MINING COMPANY
Sep Oct Nov Dec Jan Feb Mar Apr2006 2007
PriceRONLog
24
28
VoltyRON
20
40
0
Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan2002 2003 2004 2005 2006 2007
PriceRON
2
4
6
VoltyRON
50
150
100
TEL.ZILNIC
ALRO.ZILNIC
CHARACTERISTICS
OSCILLATORS MOVING IN THE DIRECTION OF THE TRENDS TEND TO COVER LONGER DISTANCE THAN
OTHERWISE
MEGAOVERBOUGHT CONDITIONS EARLY SIGN OF A BULLISH TREND
ONLY TIME TO OPEN LONG POSITION DESPITE OVERBOUGHT CONDITION AND VICE VERSA
97 98 99 2000 01 02 03 04 05 06 07
PriceRONLog
0.05
RSIRON
40
60
98 99 2000 01 02 03 04 05 06 07
PriceRONLog
0.3
RSIRON
20
40
60
Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul2001 2002 2003 2004 2005 2006 2007
PriceRONLog
0.05
0.1
RSIRON
40
60
Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul2001 2002 2003 2004 2005 2006 2007
RSIRON
20
40
60
PriceRON
20000
40000
0
OLT.LUNARPOLICOLOR.LUNAR
PETROM.WEEKLY
BETFI.WEEKLY
96 97 98 99 2000 01 02 03 04 05 06 07
PriceRON
0.2
0.4
0
RSIRON
40
60
CHARACTERISTICS
PRICE AND INDICATOR - IN GEAR AND OUT OF GEAR DEFINES DIVERGENCE
MARKETS SPEND MOST OF THEIR TIME ADVANCING RATHER THAN DECLINING
LEAD CHARACTERSTICS MORE PRONOUNCES AT MARKET PEAKS THAN TROUGHS
“MARKETS ARE LIKE HOUSES, THEY TAKE LONGER TO BUILD THAN THEY DO TO TEAR DOWN” – MARTIN PRING
AZO.LUNAR
+130%
[Delayed]Jul Jan Jul Jan Jul Jan Jul Jan2003 2004 2005 2006 20
PriceRON
0.2
0.3
0.4
RSIRON
20
40
60
0
CHARACTERISTICS
DIVERGENCE WITHOUT PRICE CONFIRMATION DOES NOT MEAN ANYTHING
PRICE AND MOMENTUM DYNAMICS. UP/DOWN, DOWN/UP
SOCP.WEEKLY
[Delayed]98 99 2000 01 02 03 04 05 06 07
PriceRON
0.3
0.6
0
RSIRON
60
70
80
CHARACTERISTICS
GREATER THE NUMBER OF DIVERGENCES THE MORE SERIOUS THE CONSEQUENCES OF A REVERSAL
TLV.WEEKLY
[Delayed]Dec Mar Jun Sep Dec Mar Jun Sep Dec Ma2005 2006 200
PriceRON
0.6
0.9
1.2
1.5
1.8
2.1
2.4
2.7
3
ROCRON
120
160
240
280
320
360
200
400
[Delayed]Aug Dec Apr Aug Dec Apr Aug Dec Apr Aug Dec A2003 2004 2005 2006 200
PriceRON
0.3
0.6
RSIRON
70
80
90
CHARACTERISTICS
DIVERGENCE SIGNIFICANCE. NUMBER
TIME SPAN BETWEEN THEM
CLOSENESS TO EQUILIBRIUM LEVEL
EXAMPLE OF A CAR OR A SICK PERSON
GREATER THE SEPERATION TIME, GREATER THE SIGNIFICANCETLV.MONTHLY
[Delayed]JanApr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr2004 2005 2006 200
PriceRON
0.3
0.6
RSIRON
40
60
80
TLV.WEEKLY
?
[Delayed]09 16 23 30 08 15 05 12 19 26 02 09 16 23Nov 06 Dec 06 Jan 07 Feb 07
PriceRON
0.08
0.09
0.1
ROCRON
90
110
100
CHARACTERISTICS
THE DIVERGENCE TRAP
FINAL BURST UP WITH UNANTICIPATED NEWS
THAT EVEN CAUSES SHORT COVERING
RRC.DAILY
[Delayed]Apr Jul Oct Jan Apr Jul Oct Jan Apr2005 2006 2007
PriceRON
1
2
3
MACDRON
-0.1
0
INTERPRETATION – SIGNALS
TRENDLINES WORK ON MOMENTUM TOO
SIMULTANEOUS BREAKOUTS ARE VERY EFFECTIVE, GENERALLY SEPERATE
LENGTH/NUMBER OF TIMES/ANGLE
EXTENDED TRENDLINE RETEST
-36%
42% -18%
SIF5.WEEKLY
[Delayed]Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr2004 2005 2006 200
PriceRON
0.2
0.4
0.6
0.8
MACDRON
-0.02
0.02
0
-11% 24%
TLV.WEEKLY
Aug Sep Oct Nov DecJan Feb Mar Apr May2006 2007
PriceRON
40000
50000
60000
RSIRON
20
40
60
INTERPRETATION – SIGNALS
TRENDLINE PRICE OBJECTIVES
BETFI.DAILY
[Delayed]21 02 09 16 23 30 06 13 20 27 04 11 18 25Apr 06 May 06 Jun 06 Jul 06
RSIRON
20
40
60
PriceRON
1.8
2.2
2.4
2
INTERPRETATION – SIGNALS
PRICE PATTERNS RARE BUT EFFECTIVE
MORE IN ROC AND LESS IN RSI
PRINCIPLE OF COMMONALITY
HEAD AND SHOULDER
S
S
H
+106%
SIF5.DAILY
[Delayed]Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan A2004 2005 2006 200
RSIRON
20
40
60
PriceRON
0.06
0.08
0.1
INTERPRETATION – SIGNALS
PRICE PATTERNS – DOUBLE BOTTOM
B1B2 +31%
RRC.DAILY
[Delayed]Sep Nov Jan Mar May Jul Sep Nov Jan2004 2005 20
RSIRON
40
60
PriceRON
0.2
0.3
0.4
0.5
INTERPRETATION – SIGNALS PRICE PATTERNS – HEAD AND SHOULDER
S S
HISTORICAL TOPSNP.WEEKLY
H
[Delayed]Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan A2004 2005 2006 20
PriceRON
0.06
0.08
0.1
MACDRON
-0.008
-0.004
0.004
0
INTERPRETATION – SIGNALS
PEAK AND TROUGH ANALYSIS
ADVANCE BREAKDOWNS
AND BREAKOUTS
PNT SELLAND ADVANCED BREAKDOWN
RRC.DAILY
[Delayed]Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan A2004 2005 2006 200
PriceRONLog
2
0.6
0.8
1.2
1.4
1
MARSIRON
35
45
55
65
75
40
50
60
70
80
INTERPRETATION – SIGNALS
MOVING AVERAGE/ CROSSOVER/ DIRECTIONAL CHANGE/ OVERBOUGHT/OVERSOLD/ EQUILBRIUM
CROSSOVERSIF5.WEEKLY
[Delayed]Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan A2004 2005 2006 200
PriceRON
0.06
0.08
0.1
ROCRON
90
120
150
94% -30% 29% -43% 37%
[Delayed]Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May2006 2007
PriceRON
2.5
2
3
MACDRON
-0.1
0
SIF5.DAILY
[Delayed]Jul Oct Jan Apr Jul Oct Jan Apr2005 2006 2007
RSIRON
20
40
60
PriceRON
1
2
3
CLASSIFICATION - BANDED
RELATIVE STRENGTH INDEX
FAILURE SWING
TIME SPANS
Oct Nov Dec Jan Feb Mar Apr May2006 2007
PriceUSD
3.2
3
RSIUSD
40
60
MISCONCEPTIONS - 0 TO 100
COFFEE.ETC
10 17 24 31 07 14 21 28 07 14 21 28 04 12 19 26Jan 07 Feb 07 Mar 07 Apr 07
PriceRON
2.6
2.8
3.2
3
RSIRON
20
40
60
MISCONCEPTIONS - 0 TO 100
SIF2.30MIN
Apr Jul Oct Jan Apr Jul Oct Jan Apr2005 2006 2007
PriceRONLog
0.4
0.25
0.35
0.3
RSIRON
20
40
60
MISCONCEPTIONS - 0 TO 100
SNP
Apr Jul Oct Jan Apr Jul Oct Jan Apr2005 2006 2007
PriceRONLog
0.4
0.5
0.6
RSIRON
20
40
60
0
CYCLICALITY - OSCILLATORTLV
Sep Oct Nov Dec Jan Feb Mar Apr May2006 2007
PriceRONLog
24
2730
RSIRON
40
60
CYCLICALITY - OSCILLATOR
TEL
Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr2004 2005 2006 2007
PriceRON
0.06
0.08
0.1
RSIRON
20
40
60
CYCLICALITY - OSCILLATOR
RRC
2000 01 02 03 04 05 06 07
PriceRONLog
0.1
0.2
PERIODICITY - DEFAULT/GENERATEDSIF2
2000 01 02 03 04 05 06 07
PriceRONLog
0.2
StochRON
20
40
60
0
PERIODICITY – DEFAULT (5)SIF2
2000 01 02 03 04 05 06 07
PriceRONLog
0.1
0.2
PERIODICITY - DEFAULT/GENERATEDSIF2
2000 01 02 03 04 05 06 07
PriceRONLog
0.2
StochRON
20
40
60
0
PERIODICITY – GENERATED (100)SIF2
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CYCLES.N.MOMENTUM 2010
Prepared by Mukul Pal
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