ESZ8 - Below is an intraday chart (15min) of 2008.12.09 (times are CST). You can see that if we draw some Gann lines and angles from the 2am low (red levels) we bounced right off the 45 degree level (911), returned back to 0 degrees (896), then went up to the 60 degree level (916).
Then, if we take measurements from that high, that occurred approximately 9am CST, we have the blue levels, giving us a roadmap on the way down. The lines speak for themselves!
If we draw some lines from the previous swing high (912.50, 5am CST), you can see that the measurements and Gann lines fit very well also. In particular the diagonal Gann line (light gray).
Lesson