NATURAL RESISTANCE LEVELS AND TIME
CYCLE POINTS
When man first began to learn to count, he probably used his fingers, counting 5 on one hand and 5 on the other. Then counting 5 toes on one foot and 5 on the other, which made 10, he added 10 and 10 together, which made 20, adding and multiplying by 5 and 10 all the way through. This basis for figuring led to the decimal system, which works out our 5, 10, 20, 30 and other yearly cycles, as well as other resistance points. Man's basis for figuring is 100, or par, on stocks and $1.00 as a basis of money value. Therefore, the 1/4, 1/8, 1/16 points are all important for tops and bottoms and for buying and selling levels.
Taking the basis of 100, the most important points are 25, 50 and 75, which are 1/4, 1/2 and 3/4. The next most important points are 33 1/3 and 66 2/3, which are 1/3 and 2/3 points. The next points in importance are the 1/8 points, which are 12 1/2, 37 1/2, 62 1/2 and 87 1/2. The next in importance are the 1/16th points, which are 6 1/4, 18 3/4, 31 1/4, 43 3/4, 56 1/4, 68 3/4, 81 1/4 and 93 3/4.
Since 9 is the highest digit, it is very important for resistance levels in time and space. The most important levels according to 9 are: 9, 12, 27, 36, 45, 54, 63, 72, 81, 90, 99, 108, 117, 126, 135 and 144. You will note that many of these points correspond with the other resistance levels, because 12 is simply 9 with 1/3 of 9 added to it.
The second important resistance levels formed by the digit of 9 are the 1/2 points, which are as follows: 4 1/2, 22 1/2, 31 1/2, 40 1/2, 49 1/2, 58 1/2, 67 1/2, 76 1/2, 85 1/2, 94 1/2, 103 1/2, etc. You simply add 1/2 of 9, or 4 1/2, to any even figure, or figure coming out on equal numbers of 9.
The next important resistance levels are those formed by 12 and its multiples. These are very important on account of the 12 months in the year. The points also come out very close to many of the other important resistance points measured on the basis of 100 and 9 and also the points in the division of the circle of 360°. The most important points of resistance according to 12 are: 12, 18, 24, 30, 36, 42, 48, 54, 60, 66, 72, 78, 84, 90, 96, 102, 108, 114, 120, 126, 132, 138, 144 and the other points which you can see on the Master Twelve Chart or Square of 12 x 12. A separate explanation of the Master Twelve Chart gives these other important points. Tops and bottoms of most stocks come out remarkably close to a basis of 12.
The circle of 360°, when divided into its geometrical parts, proves the reason of all resistance levels and measures time and volume as well as space very accurately. It is important to divide the circle by 2, 3, 4, 5, 6, 8, 9 and 12, to get the important resistance levels.
We first divide the circle by 2 and get 180, which is the strongest resistance level because it is the gravity center or 1/2 point. It equals 180 months or 15 years, which is 3/4 of the 20-year cycle and 1/2 of the 30-year cycle, which is very important.
We next divide the circle by 4 and get 90, 180, 270 and 360. These are very important points because they equal 7 1/2 years, 15 years and 22 1/2 years, which is 3/4 of the circle. These points in days, weeks or months mark the beginning and the ending of important Time Cycles, as well as being important resistance levels when the price reaches them, especially when the time is up.
The next important levels we obtain by dividing 360 by 3, getting 120 as 1/3 and 240 as 2/3 points. These equal the 10-year cycle and the 20-year cycle and, of course, the third point, or 360, is the 30-year cycle.
Dividing the circle by 12, we get the following important points, which correspond with other points: 30, 60, 90, 120, 150, 180, 210, 240, 270, 300, 330 and 360. 150 and 210 are very important because 150 is within 30 months of the 180° angle or halfway between 120 and 180. 210 is 1/2 point between 180 and 240.
After dividing the circle by 12, it is next important to divide by 24, because there are 24 hours in a day, and the Earth moves 15° every hour or 360° in 24 hours. Therefore, we get the following points: 15, 30, 45, 60, 75, 90, 105, 120, 135, 150, 165, 180, 195, 210, 225, 240, 255, 270, 285, 300, 315, 330, 345, 360. If we divide 15 by 2, we get 7 1/2. Adding this to any of the other points gives an important point which corresponds to many of the other resistance levels. For example: Adding 7 1/2 to 15 gives 22 1/2, which is 1/16 of a circle. 150 is an important point and if we add 15 to this, we get 165, which is the 1/2 point between 150 and 180, 180 being one of the strongest angles. Get your other important points in the same way by adding 7 1/2 or 15.
Dividing the circle by 8, we also get very important points, which are: 45, 90, 135, 180, 225, 270 and 315. 135 is very important because it is 180° from 45. 315 is very important because it is the opposite of 135 and 90° from 45.
The next important points for resistance and measurement of time are obtained by dividing the circle by 16, which gives 22 1/2, 45, 67 1/2, 90, 112 1/2, 135, 157 1/2, 202 1/2, 225, 247 1/2, 292 1/2, 315 and 337 1/2.
The points obtained by dividing the circle by 32 are also important because they measure out cycles closely in accordance with the Master Twelve Chart and come out closely with the months. These points are 11 1/4, 33 3/4, 56 1/4, 78 3/4, 101 3/4, 123 3/4, etc., just simply adding 11 1/4 to any of the other figures to get the next figure.
The lowest division of the circle of any importance is 1/64, which is 5 5/8 of 1/2 of 11 1/4. These are of minor importance but tops and bottoms often come out on these points, especially when we are nearing the end of a major cycle. These points are as follows: 5 5/8, 16 7/8, 28 1/8, 39 3/8, 50 5/8, 61 7/8, 73 1/8, 84 3/8, 95 5/8, 106 7/8, 118 1/8, 129 3/8. All of these points are the 1/2 points between the other important points. 22 1/2 is 1/2 of 45, 11 1/4 is 1/2 of 22 1/2, and 5 5/8 is 1/2 of 11 1/4.
It is very important to divide the circle by 9 because 9 is the highest digit used. Dividing by 9 we get the following important points: 40, 80, 120, 160, 200, 240, 280, 320, 360, all very important resistance levels and corresponding with many of the other resistance levels calculated from the different points.
Dividing these points by 2, we get 20, 40, 60, 80, 100, 120, 140, 160, 180, 200, 220, 240, 260 280, 300, 320, 340, 360. Many stocks work to these points of a circle in division of time, making tops and bottoms according to price and according to months. I use these points and the Master Twelve points and the other important points obtained through dividing the circle by 2, 4 and 8, as the most important resistance levels in measuring the time cycles.
If you will take the time to go over any stock running back 10 to 30 years, checking all important tops and bottoms, you will see how well these points work out both in time and space. In checking the Weekly High and Low Chart, you will find more of them working out than you can see on the monthly, because there are bottoms and tops made on weekly moves which do not show on the Monthly High and Low Chart. Then checking up on the Daily Chart, you will find minor moves working to these points which do not all show on the Weekly High and Low Chart.
To determine monthly movements, it is important to divide the year by 4, which gives the seasonal changes or the 4 quarters, which equal about 90° in time or 90 days and come to the strong resistance levels. Watch for changes every 3, 6, 9 and 12 months. Most stocks make changes of importance at the end of each 12-month period. The next important thing to do is to divide the year by 3, making 4 months, 8 months and 12 months important points to watch. Dividing 52 weeks or 1 year by 4 gives 13 weeks, 26 weeks, 39 weeks as important points to watch for changes in trend. Divide 52 weeks by 3 to get the 1/3 points. On this basis, the 17th to 18th weeks and the 35th to 36th weeks will be important points to watch for a change in trend.
When any important Time Cycle is running out, watch your Daily and Weekly High and Low Charts for an indication that top or bottom is being reached. Keep up your angles closely, as the angles will determine when the trend is changing. One good rule to use after a very extended campaign, which has run 50 points or more in space, is to take the greatest move on the way up or down and then when it exceeds this on a reaction it indicates that the trend is changing. Another way is to take 1/12 of the total movement. Suppose a stock has advanced 144 points, then 1/12 of 144 points is 12 points. As a rule, when a stock has advanced this much and reacts 12 points, especially if reactions have been smaller up to this time, it indicates that the move is coming to an end. Some stocks will go up and never react more than 1/4 of the total distance traveled, others will react 1/3 of the distance and others will react to the 1/2 point. Always calculate from where the move starts the last time and watch the 1/2, 1/4 and 1/3 points from the last bottom or top, as well as your calculations from the major bottoms and tops.
The example given below will show you how we work out the campaigns in U. S. Steel according to time and space movements.
UNITED STATES STEEL CORPORATION
This company was incorporated February 25, 1901. Trading in the common stock began on the New York Stock Exchange on March 28, 1901, when it opened at 42 3/4. Now, this being a new stock, which was not listed on the Exchange before, we have no high and low to go by, so the first rule to apply is: If the stock moves down 3 points first, it will indicate still lower; if it advances 3 points, it will indicate that it is going higher. Next, we put on the square of 90°. You will see that I have drawn the angles up from 0 beginning with March, 1901, and drawn the angles down from 90 beginning March, 1901. These angles will show whether the stock is in a strong or weak position after it fluctuates for a short time.
Using the 3-point rule, the stock advanced to 46 from 43, which is 3 points up and would indicate higher, especially as it had crossed 45. But you will note it is below the 8 x 1 angle drawn from 90 which shows a weak position, while from the bottom it is above the 8 X 1 angle and is strong for some kind of a rally. It goes to 55. Now note your resistance levels. 56 1/4 is the resistance level because it is 45 plus 11 1/4. 54 is the resistance level on the Nine Square and on the Master Twelve Square. 55 is one of the psychological points where the public buys a stock after it crosses 50 because they think it is going much higher. After the stock has gone up to 55, then take 1/2 from 43 to 55, which is 49. Breaking 49, the halfway point, shows trend down. After breaking this level it broke the low level at 43.
The next way to calculate is to take 1/2 of 55, which is 27 1/2. During the panic of May 9, 1901, U. S. Steel declined to 24. 24 is an exact point on the Master Twelve Chart and 22 1/2 is the support level on the angles. Take the halfway point of the stock, 27 1/2, and the angle of 22 1/2° and get the halfway point between these. It is exactly 25, which indicated around 25 would be a strong support level and a place to buy for a rally.
Next, from the top 55 to the low 24, we get the halfway point which is 39 1/2. If the stock crosses this point, then the next resistance point is the 3/4 point, which is 47. It advances to 48 in July, 1901, and holds for several months without breaking back below 39 1/2. However, it fails to cross the 45° angle from 90 and from 55. In October, 1902, it breaks 39 1/2 and breaks below the 45° angle from the 24 bottom, putting it into a weak position. Notice that in July, 1923, the 45° angles from 0 and from 90 cross at 28 and that 27 1/2 is the halfway point of 55. The stock breaks under the 45° angle from 0 for the first time; then goes straight 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° 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.
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° from 55, which shows uptrend. 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 level is also crossed. The next point is 1/2 which is 32 7/8. 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 that 39 was the last top in February, 1903. 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 45° 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.
Top reached was 46 in February, 1905. 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. 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° angle from the low in May, 1904, making this a strong buying level. 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 the 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 indicated lower prices. The 7th year is always a year for a panicky decline, and failing to go 3 points above the top made in July, 1901, was a sign of weakness. 50 is a resistance level because it is 1/2 of 100; 45 plus 5 5/8 equals 50 5/8.
In January, 1907, Steel broke the angle of 2 x 1 from 33. In March, 1907, it broke the 45° angle from the bottom of May, 1904, and also got below the 45° 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 5/8 to 50. It made bottom for 3 months around 32. In July, 1907, it rallied to 39. Note the angle of 2 x 1 from 0 in March 1901, and the 45° angle 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 4th 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 makes a higher top or a lower bottom.
In November, 1907, Steel declined to 21 7/8. The resistance 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 shown on the Master Twelve Chart. It failed to decline to the angle of 4 x 1 from 0 March, 1901, and 2 x 1 from 0 May, 1904, showing strong support. Bottom was made on the 78th month from the top of April, 1901. Note that 78 3/4 is a strong resistance level because it is 3/4 of 90. This was 80 months from March, 1901. Note that the last low in June, 1904, was on the 40th month, and 40 months later makes bottom again when time had balanced. The reason that 40 is strong is because it is 1/8 of 360 and 1/3 of 120, the 10-year cycle.
In January, 1908, Steel crossed the angle of 2 x 1 from January, 1907, and in March crossed the angle of 2 x 1 from May, 1901, and 3 x 2 angle from 0, 1904, putting the stock into a strong position. Later, the stock crossed 36, the halfway point from 50 to 21 7/8, which indicated higher. In August, 1908, which was 90 months from March, 1901, the angle of 2 x 1 from 0 and 90 March, 1901, crossed at 45; aslso the 2 x 1 from 21 7/8s crossed at 45. The stock advanced to 48 in August and reacted to 42 in September. Being now out of the first square of 90°, having moved over 90 months, put it in a strong position. My rule says that stocks always go higher in the 8th and 9th years of a 10-year cycle.
In November, 1908, Steel crossed 50 and advanced to 58 3/4 on the 90th month from the top in April, 1901, which would indicate top and a strong resistance, but the fact that the stock got 3 points above 55, the high of 1901, indicated higher prices later, especially as it was out of the square of 90. The stock was 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.
The April, 1909, Steel crossed 1/2 point from 58 3/4 to 41 1/8, regained the angle of 2 x 1 from 0 March, 1901, and in May crossed 58 3/4, the top, getting above 45° angle from 0, 1904, putting it in a very strong position. 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 sold at 94 7/8 in October, 1909. Remember my rule says that tops and bottoms become halfway points. 21 7/8, the bottom, to 58 7/8 equals 37 points. Add this 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 short at 94 7/8, stating that it would not go to 95. This is recorded in the Ticker Magazine of December, 1909. When Steel sold at 94 7/8 it got slightly above the 45° 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 base, 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 base; therefore, it would have to cross 99 to be out of the square of 90 from its extreme low in May, 1904. This is figuring according to space movement. The stock was up 53 3/4 from the 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 or the angle of 67 1/2°. This was 104 months from 1901. The 105th month or 8 3/4 years is an important resistance point.
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 is 1/4 of the movement from 21 7/8 to 94 7/8. In February, 1910, Steel declined to 75, getting strong support at the 1/4 point. In March, 1910, it advanced to 89, making top 3/4 of the distance from 75 to 94 7/8 and just under the 45° 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. The advance started and it worked up to 82 in February, 1911, just under 2/3 point from 94 7/8 to 61 1/8, hitting the 45° angle from 0 in 1904, and a decline followed.
April, 1911, ended the 10-year cycle from the top in 1901. In August, 1911, Steel broke the 45° angle from 61 1/8 and in September, 1911, broke the 45° angle from November, 1907, and in October, 1911, declined to 50. Note this was on the 89th month from the low in May, 1904, working out the 7 1/2-year cycle and reaching the angle of 90°. The bottom at 50 was down 44 7/8 points from the top, making this a strong support level because it was down 45 points, and equal to the 45° angle. 50 5/8 being a resistance level showed that this was the point to buy Steel again; also 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 stock, 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 regained by getting back above it. It was down 2 years or exactly 24 months from the top and was 48 months from November, 1907, bottom, which balanced time and was an indication for another upward move to start. It was the 128th month from March, 1901, which put it out of the hexagon movement. See Hexagon Chart.
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 10 years back, September, 1902, from which a decline followed. In October, 1912, a decline started and in December it broke the angle of 2 x 1 from 50, afterwards getting weaker and breaking all support angles from 1901 to 1904 and 1907 to 1909 bottoms. In June, 1913, again declined to 50, the same resistance level as October, 1911, and 44 months 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 from the 1906 bottom. You can see from this that the stock was still in a strong position according to the space movement or resistance levels, but in a weak position on angles and was running down to complete the 7-year cycle from 1907.
In February, 1914, Steel rallied to 67, just 2 points above the 1/3 point from 94 7/8 to 50. Note that it made 67 for 2 months, hitting against the angle of 2 x 1 from May, 1904, and failed to reach the angle of 2 x 1 from October, 1909. To run out a 10-year cycle from low in 1904 would indicate bottom in May and June, 1914, and 7 years from low in November, 1907, would be November, 1914. The Stock Exchange closed at the end of July, 1914, on account of war and U. S. Steel sold around 32 on the New Street Curb in the month of November, 1914. So for the purposes of calculating, November, 1914, should be considered, according to time, the month when Steel reached low. However, this level was lower than it sold after the Exchange opened, so we must also calculate the exact date that Steel made the extreme low. This was in February, 1915, when it sold at 38, just 168 months or 14 years from March, 1901, 64 months, from 1909 top, 72 months from February, 1909, bottom, and on the 88th month from 1907 bottom, all strong time cycles indicating bottom. The stock went below the angle of 4 x 1 from May, 1904, but quickly recovered and stayed above it. This bottom at 38 was just above 2/3 point from 94 7/8 to 8 3/8, and 3/4 point from 21 7/8 to 94 7/8 was 40. February, 1909, bottom was at 41 1/8. 37 1/2 is a natural resistance level, being 30 plus 7 1/2 or 22 1/2 plus 15, and 7/8 of 45 is 39 3/8, all strong resistance points on space movements.
How to forecast from this point according to time: Going back 10 years we see that in 1905, 1906 and in January, 1907, the stock advanced; then in 1915, 1916 and 1917 it should be up trend. We add 7 years to October, 1909 top and get October, 1916. Top was reached in the early part of November, 1916, when the stock sold at 129, and a sharp decline followed to December, 1916, when the stock sold at 101, but final low was not reached until February, 1917, when it sold at 99. This was close enough to the 10-year cycle from March, 1907, when there was a panic, and 7 years from the top of February, 1910. The top at 129 was 21 months from February, 1914, bottom. It broke on the 22nd month, had a small rally in the 23rd month, made bottom 24 months from February, 1915, low. Note strong position on angles at 99, which was 90 or square above the base of 8 3/8 and exactly on the angle of 2 x 1 from 80 bottom in April, 1916.
The 180th month or 15-year cycle ended with February, 1916, with the stock holding above the angle of 2 x 1 from May, 1904, low, still below the price of 90. In August, 1916, it crossed the 1909 top at 94 7/8, which indicated much higher. Now we want to know what price to expect Steel to advance to, so we look back and see top at 80 in 1909, 1910, 1911 and 1912. In 1916 there was 3 months' bottoms at 80. This being the last low must become an important center or halfway point. Take the 1909 top, 94 7/8, and subtract the 1915 low at 38 and get 56 7/8. Add this to 80 and get 136 7/8. The exact high on May 31, 1917, was 136 7/8, the stock being up 95 5/8 points from 1914 low, and 128 points from the 1904 low. It is always important to go back 5, 7, 10, 15, and 20 years to bottoms and tops. Taking 1907 low at 21 7/8 and 1917 top at 136 7/8, we find the halfway point to be 79 1/4, proving that the starting point at 80 was to become the center of gravity or halfway point for a 10-year cycle.
The 1917 top was 91 months from October, 1909, top and exact square angle of 90°, being only 1 month over it. It was 193 months or 16 years from 1901 top. Note November, 1908, top was 90 months from April, 1901, top. Sixteen years is 4/5 of the 20-year cycle. Stocks make their best advances in the 8th to 9th years of a cycle. May, 1917, was 16 years and 3 months from March, 1901. There is a cycle of 32 years and 6 months. Steel had worked out 1/2 of this cycle to the top. In view of the fact that top was reached on the 91st month and on the exact space movement was evidence that the stock was top for a further decline. In 1917, top, coming out on the price indicated and on the 91st month, indicated top and a short sale. Besides, the volume of sales was very large, indicating distribution.
We know that 1907 was a panic year and that stocks made low in October and November, 1907; then 1917 must repeat. 1910 was also a bear year and 1917, or 7 years later, indicated a decline. The trend turned down in June, 1917, and in the panic of December, 1917, Steel sold at 80, the halfway point from 1907, getting just below the angle of 2 x 1 from 1907 and getting support 1 point below the angle of 2 x 1 from 0 May, 1904. December, 1917, was 90 months from July, 1910, and 30 months from February, 1914, the exact angle being at 33 3/4. This was another indication of bottom for a rally. We know that Steel went up in 1908 and 1909. Therefore in 1918 and 1919, 10 years later, we expect it to work like 1908 and 1909. Steel advanced in 1918 and made last top in October and November, 1919, just 10 years from 1909 top. In 1920 and 1921, Steel followed 1901, 1910 and 1911. In June, 1921, made bottom 7 years from the low in July, 1914, nearly 14 years from the 1907 low, 76 months from the 1915 low, 49 months from 1917 top and 242 months from the top in April 1901, working out the 20-year cycle, the most important cycle.