ES - I am turning in my homework late and this is a summary of Monday instead of actual homework.  As mentioned in this Gann Lesson, we reached the 180° level soon after trading resumed Sunday afternoon and retraced to the 90° level (see first chart below).  This high also came right at a daily resistance line (see second chart).

Important Gann lesson:

• Multiples of 45° are considered "hard", "corrective" moves.
  
• Multiples of 30° are considered "soft", "continuation" moves. 

When there is a movement to the 180° level, there is typically a retracement of 45° and/or 90°.  This played out perfectly in today's action.  When we hit the 180° level, we retraced to 45°, then took a "soft" 30° pullback before continuing down to the 90° area.  To illustrate this, if you look closely at the chart, you see we bounced off the 135° level.  This is 180°-45° = 135°.  Thus, a 45° pullback from the 180°.  Then a small bounce (30°, not shown on chart), then a 90° retracement (180°-90°=90°).  What next?  Well, typically, we return to 180° then on to 360°.  However, we are in a bear market, so I will wait to see what the market tells us.

Today's bar is indicated by the large blue arrow.  Notice the day's high stopped cold at the blue resistance line (this is the same area discussed above).  Also, notice today's low stopped at the 360° rotation measured from the low we saw on 11/20.  Then, we closed on the 405° level (360°+45°).  Amazing!

You will also notice other levels lining up perfectly with past data.  For example,  270° (180°+90°) and 240° (180°+60°) levels. 

Homework, Lesson