Wheat bull leg from a squared counterswing and Gann angles

The measured wheat advance

Wheat futures advanced from a July 8, 1991 low of 272-1/2 on the December 1991 contract to a February 10, 1992 high of 463-1/4 on the March 1992 contract, a rise of more than 1.88.

The working chart was a continuation chart: a daily futures series that switches the plotted contract at rolls and shifts the price scale so one continuous path can be measured.

Start from a finished counterswing

A counterswing is the last opposite move into the low or high from which the larger trend leg begins. Its height becomes the unit for later squares and ratio counts.

The last decline into that July low spanned 49 cents and was drawn as a time-price square of 49 cents by 49 market days from the low.

Three maps from the same unit

Gann angles are diagonal lines whose slope is fixed by a chosen price-per-time scale. They are used to test whether an advance holds a 45-degree rise from a named low and where that rise meets later square boundaries. Price tracked the 45-degree Gann angle rising from the July low, and the later high formed against that angle in the fourth square up and the fourth square over.

A time-price square is a box whose height equals a measured price range and whose width equals the same count in market days, then stepped forward so later highs can be read as whole or fractional squares. Doubling the 2,401 area of the 49-unit square produced a larger square with sides of 69.25 to 69.29 units. The 463-1/4 high sat at 2.75 times that side in price and at 2.25 times that side in time.

Fibonacci retracement, in this workflow, uses the 1.618 golden-mean ratio on a completed swing so a later time station can be marked and compared with the angle and square overlays. Multiplying the 49-unit counterswing by the 1.618 golden-mean ratio produced 79 days, matching the market-day span from July 8, 1991 to the October 25, 1991 intermediate high, which itself covered 96-3/4 cents.

Square-of-nine stations on the same path

A square-of-nine is a spiral number wheel that maps a starting price onto degree rays so selected day counts and later prices can be read as 45-, 90-, 180-, or 360-degree offsets.

On a square-of-nine wheel, the 272-1/2 low sat on the 225-degree line in the eighth cycle, and later opposition and full-cycle stations were treated as the strongest time-price resistance.

Countertrend lows after the July 8 start fell on square-of-nine counts of 31, 57, and 91 market days along the 45-degree line. On November 12, 1991, 91 days from the July low, December wheat printed 344-1/2, 1-1/2 cents from 343, which was described as one full cycle above 272-1/2.

Square-of-nine 90-degree steps from the 272-1/2 low marked later price stations at 411-1/2 and 462-1/2.

Reading the later high

The archive walkthrough places the February 10, 1992 high of 463-1/4 against the rising 45-degree angle in the fourth square up and the fourth square over, at 2.75 times the larger-square side in price and 2.25 times that side in time, and near the 462-1/2 square-of-nine station.

TradersWeek editorial reading: score the path by asking whether the 45-degree angle, the stepped time-price square, and the 1.618 time station, all taken from the same 49-unit counterswing, point to the same later high. In this case the 1.618 count marked the October 25, 1991 intermediate high, while the February 10, 1992 high formed against the rising 45-degree angle and the larger stepped square, near the 462-1/2 square-of-nine station. A high is treated as confirmed only when those three maps agree.