down to 8 3/8 in May, 1904, and rests on the angle of 4 X 1 from 0, the base or beginning point, reaching bottom on the 39th month from March, 1901, and 36 months from the bottom of May, 1901, coming out on an even cycle. Being down 46 points from the top would indicate a strong support level because 45 points down is equal to the 45 degree angle and indicates strong support. Nine is 5/6 of 55, a support level and any stock getting down around 9, the digit, always receives good support. This is a strong number for stocks to make bottom on.

[8] In August, 1904, the stock crosses the angle of 2 X 1 from 90 for the first time and gets active in September, crossing the 45 degree angle from 55, which shows up trend. Twenty is 1/4 point from 55 to 8 3/8. It crosses this level, which indicates higher. The next point is the 1/3 point which is 23 5/8, which is also crossed. The next point is 1/2 which is 32 7/8. [9] In December, 1904, it makes 33, where it hits the angle of 2 X 1 from 55, reacts, then crosses 33 and goes to 38 in April, 1905, which is 5/8 of the distance from 8 3/8 to 55. Note 39 was the last top in February, 1903. [10] The stock declines to 25 in May, rests on the angle of 2 X 1 from 0. March, 1901, and on 2 X 1 from left of the 45 degree angle from 0 May, 1904, showing strong support, also because 23 1/8 was 1/2 from 8 3/8 to 38. The angles held the stock above the halfway point.

[11] Top reac hed wa s 46 in Fe b rua ry, 1906. At 45 we naturally expect resistance. Besides, 43 1/4 is 3/4 from 8 3/8 to 55 and it is 60 months, or at the end of a 5 year cycle, and a reaction is due. [12] In July, 1906, it declines to 43. The halfway point from 25 to 46 is 35 1/2, and 33 3/4 is a strong resistance level. Again, 32 7/8 is 1/2 from 55 to 8 3/8. The stock is still above the angle of 2 X 1 from 0 in March, 1901, and only 2 points below the 45 degree angle from low in May, 1904, making this a strong buying level. [13] The next top is at 50 in October, 1906 and again the same top was reached in January, 1907. There was 4 months distribution in a 5 point range, holding above 45. January, 1907, the last month that top was reached, was 69 months from top in April, 1901 and 71 months from the date of incorporation, February, 1901, also 32 months from the low in May, 1904. Going into the 7th year indicates lower prices. The 7th year is always a year from a panicky decline, and failing to go 3 points above the top made in July. 1901, plus 5 5/8 equals 50 5/8.

[14] In January, 1907, Steel broke the angle of 2 X 1 from 33. [15] In March, 1907, it broke the 45 degree angle from the bottom of May, 1904, and also get below the 45 degree angle from 0 in 1904, putting it into a very weak position. It declined to 32, the support level of July, 1906, and 1/2 from 8 3/8 to 55. 29 3/4 is 1/2 from 8 3/8 to 50. It made bottom for 3 months around 32. [16] In July, 1907, it rallied to 39. Note the angle of 2 X 1 from 0 in March 1901, and the 45 degree from 0 in May, 1904, crossed at 38, making this a strong resistance level and hard to pass. In August, 1907, Steel declined and broke 32. This was the forth time at this level and my rules say that when a stock reaches the same level the

4th time it nearly always goes through and makee a higher top or a lower bottom.

[17] I November, 1907, Steel declined to 21 7/8. The reaistance level is at 22 1/2 and 20 is 3/4 point from 8 3/8 to 55; besides 24 is a strong support level, as ahown on the Master Twelve Chart. I failed to decline to the angle of 4 X 1 from 0 March, 1901, and 2X1 May, 1904, showing strong eupport. Bottom was made on the 78th month from the top of April, 901. Note that 78 3/4 ia a strong resistance level because it ie 1/4 of 90. This was 80 montha from March, 1901. Note the last low in June, 1904, wae on the 40th month and 40 months later makes bottom again when time had balanced. The reaaon that 40 is strong is becauee it is 1/8 of 360 and 1/3 of 120, the 10-year cycle.

In January, 1908, Steel croeaed the angle of 2 X 1 from January, 1907, and in March crosaed the angle of 2 X 1 from May, 1901, and 3X2 angle from 0, 1904, putting the stock into a strong position. Laer, the stook crossed 36, the halfway point from 50 to 21 7/8, which indicated higher. In August, 1908, which was 90 monthe from March, 1901, the angle of 2 X 1 from 0 and 90 March, 1901. crossed at 45; also the 2 X 1 from 21 7/8 crossed at 45. The stock advanced to 48 in August and reacted to 42 in September. Being now out of the first equare of 90 degrees having moved over 90 months, put it in a strong position. My rule saye that stocks always higher in the 8th and 9th years of a 10-year cycle.

[19] In November, 1908, Steel crossed 50 and advanced to . 58 3/8 on the 90th month from the top in April, 1901, whioh would indicate top and a strong reeietance, but the fact that the stock

Sot 3 points above 55, the high of 1901, indicated higher prices ater, especially ae it wae out of the equare of 90. The stock wae up 50 points from 1904 low and 1/3 would bring it back to 42, which was the last low made in September, 1908. In February, 1909, Steel declined to 41 1/8. The writer predicted the top for 58 3/4 in November, 1908, and the bottom for 42 in February, 1909. See the Ticker Magazine of December, 1909.

[20] In April, 1909, Steel crossed 1/2 point from 58 3/4 to 41 1\8, regained the angle of 2 X 1 from 0 Maroh,1901, and in May croesed 58 3/4, the top, getting above 45 degrees angle from 0, 1904, putting it in a very etrong position. [21] Now the question arises how to figure how far the stock will go when it has gotten into new territory after so many years. If we add 45 to the last important top, which was 50 in 1906 and 1907, we get 95. Steel acid at 94 7/8 in October, 1909. Remember my rule says that tops and bottoms become halfway pointa. 21 7/8 the bottom, to 58 7/8 equele 37 points. Add thie to 58 3/4 and we get 95 3/4. The top at 94 7/8 made 58 1/2 the halfway point from 1907 to 1909. The writer sold Steel abort at 94 7/8, stating that it would not go to 95. This ia recorded in the Ticker Magazine of December, 1909. When Steel sold at 94 7/8 it got slightly above the 45 degree angle from the top at 50 in January, 1906, this was exactly 73 points from the 1907 low and 86 1/2 points from May, 1904 low. Any time a stock advances 84 to 90 points from the bottom or baae.

it is in selling territory. While this price was 4 7/8 points over 90, it was only 86 1/2 points up from its baae; therefore, it would have to croes 99 to be out of the square from its extreme low in May, 1904. This is figuring according to apace movement. The stock was up 53 3/4 from low of February, 1909, which was one of the strong resistance points. It made top on the 102nd month. The resistance point is 101 1/4. It was 24 months from November , 1907, coming out on an exact cycle and 65 months from May, 1904. It started to break when it reached 67 1/2. This was 104 months from 1901. The 105th month or 8 3/4 years is an important resistance point.

22] To determine resistance levels, we first calculate the 1/8, 1/4, 3/8, 1/2, 5/8, 3/4, 7/8, 1/3, and 2/3 points of the space movement. 76 5/8 if 1/4 of the movement from 21 7/8 to 94 7/8. In February, 1910, Steel declined to 75, getting etrong support at the 1/4 point. In March, 1/10, it advanced to 89, making top 3/4 of the diatance from 75 to 94 7/8 and just under the 45 degree angle from 94 7/8. In July, 1910, Steel declined to 61 1/8 and failed to make 58 1/2, the halfway point from 1907 and 1909, which showed that it was getting strong support. 63 1 /4 was 1/3 of 94 7/8, which indicated a support level. [23] The advanoe started and it worked up to 82 in February, 1911, just under 2/3 point from 94 7/8, hitting the 45 degree angle from 0 in 1904, and a decline followed.

[24] April, 1911, ended the 10-year cycle from the top in 1901. In Auguet, 1911, Steel broke the 45 degree angle from 61 1/8 and in September, 1911, broke the 45 degree angle from November, 1907, and in October, 1911, declined to 50. [25] Note thie was on the 89th month from the low in May, working out the 7 1/2-year oyole and reaching the angle of 90 degreee. The bottom at 50 was down 44 7/8 points from the top, making this a strong support level becauee it wae down 45 points,and equal to The 45 degree angle. 50 5/8 being a resietance level ehowed that thia was the point to buy Steel again,; alec 51 5/8 was 1/2 from 8 3/8 to 94 7/8, and 47 3/8 was 1/2 of 94 7/8, the high point of the etock, all of which shows that this was a very strong support level. The stock was just below the angle of 2 X 1 from May, 1904, which angle the stock soon gained by getting baok above it. It was down 2 years or exactly 24 monthe from the top and was 48 monthe from November, 1907, bottom, which balanced time and was an indication for another upward move to start. It wae the 128th month from March, 1901, which put it out of the hexagon movement. See Hexagon Chart.

[26] In September and October. 1912, Steel made top at 80, which was 3/4 from 94 7/8 to 50 and failed to cross the high of May, 1911. Now note top ten years back, September, 1902, from which a decline followed. In October, 1912, a decline etarted and in December it broke the angle of 2 X 1 from 50, sfterwards getting weaker and breaking all support angles from 1901 to 1904 and 1907 to 1909 bottoms. [27] In June, 1913, again declined to 50, the aeme resietance level as October, 1911, and 44 montha down from the 1909 top, 52 months from February, 1909 bottom, 68 months from 1907 low and 109 months from 1904 low. This was 7 years or 84 months