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0°； 315°。and finally a full cycle at 360°。 This。is。a harmonic。series。that contains。some of the Fibonacci。ratios。we first studied。 All harmonic。scalesntain Fibonacci ratios； but not all Gann projections。are Fibonacci numbers。
The reason for this is。fully explained in my presentation called Great Market Technicians。of the 21st Century： Galileo； Fibonacci； and Beethoven。 This。is。a multimedia presentation developed for the Silver Anniversary of the Market Technicians Association。 （The visuals。for this。presentation can be found at aeroinvest in our chart gallery。 The full presentation with audio and video was。donated to the Market Technicians。Association after 9/11 to help rebuild the library。 It can be purchased from them at mta。） The taped lecture will not give you better market targets； but it will give a better understanding of why the Gann Wheel is。a harmonic。calculator and proves。key。market swings。have harmonic。relationships。 The hard angles。at 15°； 90°； 180°； 270°。and 360°。from the wheel are important； but none more so than a full cycle at 360°。which will have a natural logarithm relationship to the first number used to create the series。 In Figure
5。13 the market high shows。in respect to the 360 projection。 It then falls。swiftly to the target line below it at 315°。
These charts。demonstrate that the Gann Wheel can be plotted directly on the market data； making Gann analysis。far less。labor intensive than it once was。by hand。 （More information about the step…by…step methods to obtain price targets。from a Gann Wheel is。available without charge on my Web site at aeroinvest。）
We conclude where we began； because the decline in OXY to the Gann level marked 315°。on the far left is。also a Fibonacci confluence zone。 A multiple overlap developed confluence with a 38。2 percent and 50 percent retracement forming at 43。 The void of targets。between 54 and 44 gave early warning about the character of the decline that would develop。
Clearly； the confluence zones。we first developed using just Fibonacci ratios。were the conceptual beginnings of something much greater。 But the study of Gann is。a journey down many rabbit holes。of knowledge。 Gann analysts。will find a book。written by Manly P。 Hall The Secret Teachings。of All Ages （Philosophical Research Society； 1998）； to be of great interest in their pursuit of some of the core teachings。of Freemasons。 We begin to see astounding results。from our charts and beg to understand why this。is。so。 Gann was。applying the secret teachings。from all ages。that led lo a greater wisdom。 When the many fields。of study within the quadrivium bee clear within the analytic。methods。of W。D。 Gann； the revelation bees。humbling； because* we understand win Gann restated the words。of Solomon： 〃Knowledge is。of more value than gold。〃
CHAPTER 6
Unlocking Gann
DAVID E。 BOWDEN
W。D。 Gann made his。reputation by making market calls。long before the events。took place。 Some of these calls。proved to be amazingly prescient。 Some of them were wrong。 To publish a market top； say； twelve months。in advance and have your forecast proved correct is。every bit as。thrilling as。winning a gold medal at the Olympics—and probably rarer； too。 To know where the market is。going presently is。hard enough。 Is it at a top？ Is it a bottom； or is it in the middle of a run？ These questions。are difficult enough to answer about the next several weeks； never mind going twelve months。out。 Indeed； sometimes。it's。a big enough challenge just to have a solid opinion after event without being asked to make projections。that hinge on events。that haven't happened yet。 In 1989； for example； some twenty…six。years。after the fact； Gore Vidal was。asked what he believed would have been the oute had Khrushchev and not Kennedy been assassinated in 1963。 Alter some thought； he replied； 〃With history one can never be certain； but I think。I can safely say。that Aristotle Onassis。would not have married Mrs。 Khrushchev。〃
In this。chapter； I’ll explain in detail how I constructed—a year in advance— my forecast for the Australian share market in 1989 and why I went to the trouble of getting it published。 Beyond that； I'll share with you my experiences。of being both right and wrong； and of how to make the most of both。
Choosing Your Path
In trading there are few paths。to success。and many to failure。 In this。book； individuals。who have been involved in the markets for a considerable time share their secrets。 Each goes。about the business。of studying the markets。in a different way； but you'll find some mon denominators among all of them。
Many professionals； in their own way； have used the rules。laid down by W。D。 Gann before he died in 1955。 My own approach to the use of Gann’s。rules。is essentially a bination of things。I've put together over the last twenty years。
Some of these methodse from authors。other than Gann； and some are rules。that I've developed on my own。 Everything I'm sharing with you here has。worked for me； but none of it was。apparent from the start。 I only wish someone had taken the time to explain these things。to me when I first started out。
I started trading late in 1985。 My training consisted of trading for two weeks。with an old pro whom I had known for many years。 He was。my mentor。 After that； I was。on my own and I’ve never had a real job since。 During my introduction to trading； my tutor and I spoke about the works。of W。D。 Gann； but he had little faith in what Gann had to say。 For some reason； there seems。to be a well…above…average number of mathematical and grammatical mistakes in the lessons。left by W。D。 Gann。 But I focused only on what was。right； discarding what was wrong； and became a convert。 The mistakes。never bothered me much。 They only made it more of a challenge and made me read the lessons。very。carefully。 I thought that if I could make sense out of just one section of Gann's。lessons； I would be ahead of the crowd and could move on from there。
Calculating。a Range
The first thing I worked out was。how to calculate a range by taking the lowest point that the market had traded from the highest point。 That gave me a range。 I realize that this。can hardly be called a 〃breakthrough in technical analysis；〃' but it w