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DJIA has, on average, risen from the new moon for
about 7 days. The DJIA then has bottomed about 4 days before the next new moon.
The price slide seems to accelerate after the occurrence of the full moon. (This
would explain why Arthur Merrill did not find turning points near the actual
lunations; the top and bottom of the cycle tend top fall between the two
phenomena.)
The horizontal axis represents the 29-day cycle.
The gradations denoted by the dashed vertical lines are 10% <FONT
face="Arial, Helvetica, sans-serif" size=2>of the cycle, or 2.9 days. The
vertical axis represents the average percentage price change in the DJIA. For
example, the DJIA has risen an average of 0.1% <FONT
face="Arial, Helvetica, sans-serif" size=2>from the new moon to the cycle peak
about 7 days later. The DJIA has then dropped 0.22 from this cycle peak to the
cycle trough.
By the way the graph is not my work, I am sharing
it with the group because it represent important point traders must
consider in the big picture.
Haytham
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