ES - This is a summary of Monday's action from a Gann perspective. From Friday's low, we bounced 45° to 891 area. Then, taking a measurement from that retracement, we fell to the 120° (852) area, then ultimately found resistance on a 50% pullback to the 60° (872) area. Another way to look at that is we went to 90+30 (120°), then rotated on that 90° level to 90-30 (60°). Now that that rotation is complete, a return to the center 90° is probable (862).
You can also notice that on the way down to that 120° area, we had a small bounce on the 45° on the way down.
This may be hard to understand, but it is very interesting. Below is the same chart as above with some additional info on it. It took 18 bars to go from the high pivot (marked "Pivot H0") to cross the 45° level (where first vertical blue line and horizontal 45° blue bar cross). From there, it took another 18 bars to go from that point till it crossed the 90° line (second vertical blue line). From that 90° line, it took 2 bars to go 30° more to 90+30=120°. Then another 2 bars to go from that 120 to 90-30=60°!
In other words, the vertical blue lines are 18 bars wide. We crossed the 45 and the 90 in the same unit of time. Then, after crossing the 90°, two quick red bars down to 90+30=120, then 2 quick green bars up to 90-30=60. We are now in overnight data, so price does not move as quickly. Perhaps we will return to the 90° line by the 4th vertical blue line? (I've done some more work on the Gann Fan portion of my Gann script, which is much more complete and accurate now. These are the light gray lines.)
Here is a look from a daily standpoint. We see that we bounced off the 360° level (a 180° fall from the 540° area high) and returned within the triangle (blue lines). Looks like I was a day early on the 855-858 target (see Friday's homework)
Homework, Lesson