Correlations between solar lunar sign combinations and 4% or greater swings in XLY

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Correlations between solar lunar sign combinations and 4% or greater swings in XLY

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Kasture Steve Fellows

XLY are presented. The correlations to 3.5% or greater Big Range Days between

solar lunar combinations are also documented. The MMA studies within the Far

for the Galactic Trader software program are the primary tools used to generate

these studies.

This study begins with the ETF XLY first trade date December 22, 1998. We will

utilize the 15 years of daily data available for the study utilizing the moons signs to

focus upon short term changes in trend. In The Ultimate Book On Stock Market

Timing Vol. 4 Solar / Lunar Correlations To Short-Term Trading Reversals by

Raymond Merriman the DJIA is analyzed from November 10, 1942 May 13, 2002.

Our work is patterned around similar studies utilizing XLY data from December 22,

1998 through December 31, 2013.

Our goal is to determine the correlations between solar lunar sign combinations and

4% or greater swings in XLY. The correlations to 3.5% or greater Big Range Days

between solar lunar combinations will also be studied. The MMA studies within the

Far for the Galactic Trader software program are to be the primary tools used to

generate these correlations.

XLY is an ETF that is designed to closely match the returns and characteristics of the

S&P Consumer Discretionary Select Sector index (index ticker; IXY). The nature of

XLY, representing a cyclical component of the broader stock market, lends itself as a

leading indicator and, on occasions, a divergent indicator at cycle trend changes.

We continue our research by applying the MMA Solar Lunar studies to the ETF XLY.

RM very good!

In these studies Weighted Value scores above 100 will imply the signature has a

higher than average correlation to a 4% or greater reversal. Anything above 120 is

worth considering, and above 150 is considered critical. Anything above 200 is

considered to be an extreme critical level. One would look for greater price swings

than usual to commence during these periods. Anything below 100 means the

signature has a less than average correlation to a 4 % or greater reversal. Anything

below 83 is worth considering, and below 66.7 is considered critical. Any value

below 50 is considered to be at an extreme critical level of non-volatility. It suggests

the market will mostly trade within a small trading range, or trend without many

significant corrections during the time in which this signature is in effect.

In the study of 4% or greater reversals, the FAR program isolates those that were

crests from those that were troughs. Each of these is then examined to see if certain

solar lunar combinations occurred much more or much less frequently than the

norm. Crest signatures and Trough signatures can be identified.

To be considered specifically a Crest signature, there had to be at least twice as

many instances of crests than troughs, and a weighted value of greater than 150,

preferably, greater than 200.

many instances of troughs than crests, and a weighted value of greater than 150,

preferably, greater than 200.

Each sign will also contain a study of Big Range Days. A breakdown of all the days

in which XLY had a range of at least 3.5% of the value of the low of that day are

examined. Those combinations that result in unusually large scores are noted as

high probability Big Range Days for day trade considerations. RM excellent intro.

XLY Base Line & Big Range Days

The baseline group for XLY shows 3774 trading days in effect between December

22, 1998 through December 31, 2013. Of these , 417 contained a high or low from

which prices reversed at least 4%. The rate of frequency of a 4% or greater reversal

was 11% or approximately once every 9 trading days (approximately once every 2

weeks).

The only sun sign that stands out with a weighted value score of over 120 is

Scorpio. The Sun in Scorpio had a weighted value of (126.00 *). The weighted values

of Sagittarius and Capricorn were (71.27 #) and (77.64 #) respectively, below the

worth noting level of 83 for low volatility.

The highest weighted values for moon signs are Libra and Aries with scores of

(133.85 *) and (121.21 *) respectively. The moon signs least likely to correlate with

4% reversals in XLY would be Leo and Virgo with scores of (76.96 #) and (75.48 #)

respectively.

From the results of Mercury we can see that 4 % or greater reversals have a greater

probability of occurrence when Mercury is in sign of Taurus ( 127.81*), Libra

( 141.58*) or Aquarius ( 141.31*). RM = this is interesting and different than DJIA

study I think. Thats useful!

From the results of Venus we can conclude that 4 % or greater reversals have a

greater probability of occurrence when Venus is in Aries ( 131.99*).

In the study of crests the following combinations had a weighted value score of over

120: Sun in Scorpio (120.62*), Moon in Aries ( 146.96*) and Libra ( 163.34**),

Mercury in Taurus ( 121.36*), Gemini (133.48*), Libra ( 155.82**) and Aquarius

( 144.69*), Venus in Aries ( 146.44*) and Pisces ( 120.91*).

In the study of troughs the following combinations had a weighted value score of

over 120: Sun in Scorpio ( 131.37*) and Pisces ( 121.57*), Moon in Cancer

( 138.86*) and Sagittarius ( 150.48**), Mercury in Taurus ( 134.26*), Libra ( 127.34*)

and Aquarius ( 137.92*), Venus had no weighted values above 120 for troughs.

The study of volatility known as Big Range Days are days in which the range of

XLY was at least 3.5% of the value of the low of the day. The following combinations

had a weighted value score of over 120: Sun in Libra ( 178.15**), Scorpio ( 124.21*)

and Pisces ( 149.99**), Moon in Capricorn ( 125.40*), Mercury in Libra ( 250.06***)

and Aquarius ( 145.44*), Venus in Aries ( 184.77**), Scorpio ( 127.46*) and

Sagittarius (148.00*). We would like to draw attention, also to Mars as it transits the

consecutive signs of Scorpio (172.15**), Sagittarius ( 133.20*), Capricorn

(172.15**) and Aquarius ( 145.66*) with reference to Big Range Days.

SUN IN ARIES

The baseline of our study shows that Sun was in Aries 315 trading days

during the study.

From the results of the Mercury signs we can see that 4 % or greater

reversals when the Sun is in Aries have a greater probability of occurrence when

Mercury is in Taurus ( 129.56*).

From the results of the Venus signs we can conclude that 4 % or greater

reversals when the Sun is in Aries have a greater probability of occurrence when

Venus is in Pisces ( 133.02*) and a low probability of occurrence with Venus in

Aquarius (44.82###), Taurus (71.16#) or Gemini (86.90).

High Probability Reversals: From the results of the Moon signs we can

conclude that 4 % or greater reversals when the Sun is in Aries have a greater

probability of occurrence when the Moon is also in Aries (182.3 **), and Sagittarius (

164.0 **). Both are fire signs and their weighted value is above the critical 150.0

level. The Moon in Libra (128.47 *), Scorpio (128.47*) and Aquarius (123.11 *) are

worth noting, above 120.0 level.

Low Probabilities Reversals: from the results of the Moon sign with the Sun in

Aries we can conclude that 4 % or greater reversals have the least probability of

occurrence when the Moon is in Taurus (35.21###), Virgo ( 41.8 ###), less than 50

- extreme critical importance, Capricorn ( 67.89 ##), and Pisces ( 67.89 ##) both

very close to 67 critical importance.

Crest Correlations: In the table of crests we can see that the Moon in Scorpio

(3 ), in Aquarius ( 3), in Aries ( 3), and in Libra ( 2 ) contained the most instances

from which 4 % or greater declines commenced. The weighted value of the Moon in

Scorpio (256.7 ***) did not have any trough under that signature, so we can

conclude that the Moon in Scorpio is clearly crest signature. The Moon in Aquarius

weighted value (246.0***) had 3 crests and no troughs whatsoever. Here again we

can conclude that the Moon in Aquarius is also crest signature. The Moon in Aries

has weighted value (218.75 ***) with 3 crests and 2 troughs. The Moon in Aries

cannot be crest signature because it did not contained twice as many crests and

troughs. It is interesting to note that we had no crests in XLY when the Moon was in

Virgo, Sagittarius and Pisces.

Trough Correlation: In the table of troughs we can see that the Moon in

Sagittarius was present 4 times, and we did not have any crest with the Moon in

Sagittarius. The weighted value of trough with the Sun in Aries and the Moon in

9

Sagittarius is (328.13 ***), more than required 150 level. So it certainly becomes a

trough signature. The Moon in Aries (145.83 *) had 2 troughs and 3 crests. It is

interesting to note that there were no troughs with the Moon in Taurus, in Scorpio,

and Aquarius.

High Probability Big Range Days for Day Trading: The most consistent big

range volatility days when the Sun is in Aries is when the Moon is also in Libra

(256.7 ***) full Moon, Aquarius (164.0 **), and Leo (151.44**). All have weighted

value more than 150. Gemini (135.78 *), and Pisces (135.78 *) are also worth

noting. All air signs (Gemini, Libra, and Aquarius ) have weighted values more than

120. Therefore we can conclude that when the Sun is in Aries the probability of a

big range days is greater when the Moon is also in air signs.

The low volatility days are Cancer ( 67.89 #), Capricorn ( 67.89 #), and Aries

(72.92 #). Volatility is low, and weighted value is below required 83.

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SUN IN TAURUS

The baseline of our study shows that Sun was in Taurus 329 trading days

during the study.

From the results of the Mercury signs we can see no significance with 4 % or

greater reversals occurred when the Sun was in Taurus.

From the results of the Venus signs we can conclude that 4 % or greater

reversals when the Sun is in Aries have a greater probability of occurrence when

Venus is in Pisces ( 241.82 ***) and a low probability of occurrence with Venus in

Capricorn (48.36###).

High Probability Reversals: From the results of the Moon signs we can

conclude that 4 % or greater reversals when the Sun is in Taurus have a greater

probability of occurrence when the Moon is also in Libra ( 250.89***), Aries

(200.24***), Taurus (143.30*), and Capricorn (133.42 *). The Moon in Libra and Aries

has a weighted value above the extreme critical 200 level. The Moon in Taurus and

Capricorn are worth noting their weighted value is above the 120 level.

Low Probabilities Reversals: from the results of the Moon signs with the Sun in

Aries we can conclude that 4 % or greater reversals have the least probability of

occurrence when the Moon is in Leo (32.24 ###), Cancer (33.35 ###), Gemini

(40.3 ###), Virgo (71.65 #), and Scorpio ( 77.38 #). Three consecutive signs

Gemini, Cancer, and Leo have weighted value below extreme critical importance

level. We expect no 4 % reversals during that time. Virgo and Scorpio are below 83

level. We expect low volume.

Crest Correlations: In the table of crests we can see that the Moon in Libra

had 6 crests and had a weighted value (384.81***). Aries had 4 crests with

weighted value (238.81 ***). Both cases contained the most instances from which 4

% or greater declines commenced. The Moon in Libra had 6 crests versus 1 trough.

The Moon in Aries had 4 crests and 2 troughs. Both contained at least twice as

many crests than troughs, their weighted value more than 150. Both are certainly

the crest signatures. It is interesting to note that there were no instances of crests

when the Moon was in Gemini, in Cancer, and in Capricorn while the Sun was in

Taurus. We can assume that XLY does not tend to form a crest from which prices fall

at least 4 % during that time.

Trough Correlation: In the table of troughs we can see that the Moon in

Capricorn was present 4 times. Its weighted value is (302.57 ***), much more

required 150 level. We had no crest with the Moon in Capricorn. It fulfills required

14

ratio 2:1, or troughs to crests. The Moon in Capricorn with the Sun in Taurus has a

strong correlation to trough. The Moon in Taurus was present 3 times, whereas it

correlated with the crest only once. Also the weighted value of the Taurus Moon is

(243.70 ***), more that required 150. So the Moon in Taurus with the Sun in Taurus,

or new moon, has a strong correlation to trough. It is interesting to note that we had

no instances of troughs with the Moon in Leo, Virgo, and Sagittarius while the Sun

was in Taurus.

High Probability Big Range Days for Day Trading: The most consistent big

range volatility days, when the Sun is in Taurus, is when the Moon is also in

Aquarius with weighted score (320.42 ***), and Pisces with weighted score (427.23

***). Both signs have extremely high weighted score, much more than required 150

level. Therefore we can conclude that when the Sun is in Taurus, the probability of

big range days is greater when the Moon is also in two consecutive signs Aquarius

and Pisces.

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SUN IN GEMINI

The baseline of our study shows that Sun was in Gemini 321 trading days

during the study.

From the results of the Mercury signs we can see that 4 % or greater

reversals when the Sun is in Gemini have a greater probability of occurrence when

Mercury is in Taurus ( 162.31 **) and a low probability of occurrence with Mercury in

Cancer (63.32##).

From the results of the Venus signs we can conclude that 4 % or greater

reversals when the Sun is in Gemini have a greater probability of occurrence when

Venus is in Aries (146.97 *) and Cancer (128.90*) and a low probability of

occurrence with Venus in Taurus (70.53#) and Leo ( 74.80#).

High Probability Reversals: From the results of the Moon signs we can

conclude that 4 % or greater reversals when the Sun is in Gemini have a greater

probability of occurrence when the Moon is also in Libra (219.46 ***). The weighted

value of that solar-lunar combination is much higher than required 150 level. The

Moon in Gemini, the New Moon, had the weighted value 146.97 *, very close to

required level of 150. We can see that air signs have a high correlation to 4 % or

greater reversals.

Low Probabilities Reversals: from the results of the Moon sign with the Sun in

Gemini we can conclude that 4 % or greater reversals have the least probability of

occurrence when the Moon is in Scorpio ( 32.87 ### ). The weighted value of that

solar-lunar combination is below the very critical 50 level. The Moon in Taurus

( 60.99 ##), the Moon in Pisces ( 63.34 ## ), and the Moon in Sagittarius ( 65.87

##) had a weighted value below the critical 67 level. All these signs had a lower

than expected correlation to 4 % or greater reversals while the Sun was in Gemini.

Crest Correlations: In the table of crests we can see that the Moon in Libra

was present 6 times, in Aquarius 3 times, and in Gemini 3 times as well, in most

instances from which 4 % or greater decline commenced. In the case of Libra the

weighted value of the crest was extremely high 305.70 *** and we had 2 troughs

versus 6 crests. Therefore the Moon in Libra with the Sun in Gemini is clearly a crest

combination. Weighted value of the Moon in Aquarius is 176.4 **. We had 3 crests

and no troughs whatsoever. That solar-lunar combination also becomes a crest

signature. Weighted value of the Moon in Gemini is 163.82 **. It had 3 crests and 2

troughs, so the ratio of crests versus troughs was not quite 2:1 as required. We can

add that all abovementioned solar-lunar combinations belong to air trinity which is

19

quite remarkable. Also there were no crests with the Moon in Aries, Scorpio, and

Sagittarius with the Sun in Gemini.

Trough Correlation: In the table of troughs we can see that the Moon was in

Aries 3 times, and in Sagittarius 2 times. The Moon in both cases was in a fire signs.

The weighted value of the Moon in Aries is 191.11 **, and the weighted value of the

Moon in Sagittarius is 142.65 **. Both solar-lunar combinations had no crests.

Therefore we can conclude that both solar-lunar combinations have a trough

correlation.

High Probability Big Range Days for Day Trading: The most consistent big

range volatility days, when the Sun is in Gemini, is when the Moon is also in Virgo

( 316.24***), Cancer ( 176.43 **), Pisces (176.43 **), Capricorn ( 169.89 **), Gemini

(163.82 **) and Libra (152.90**). Three of these signs are mutable, the same as the

Sun sign. The other two are cardinal. It is interesting to note that the other 6 Moon

signs had no historical instances of reversal. Therefore we can conclude that Big

Range Days are more probable when the Sun is in Gemini and the Moon is in

mutable signs except Sagittarius. Also when the Moon transits through cardinal

signs Cancer and Capricorn it can be a very reliable reversal.

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SUN IN CANCER

The baseline of our study shows that Sun was in Cancer 322 trading days

during the study.

From the results of the Mercury signs we can see that 4 % or greater

reversals when the Sun is in Cancer have a greater probability of occurrence when

Mercury also is in Gemini ( 191.38**) and a low probability of occurrence with

Mercury in Cancer (82.62#) and Leo (79.13#).

From the results of the Venus signs we can conclude that 4 % or greater

reversals when the Sun is in Cancer have a greater probability of occurrence when

Venus also is in Cancer ( 126.14 *), and in Leo ( 120.64 *) and a low probability of

occurrence with Venus in Gemini ( 77.54#) and Virgo ( 56.19#).

High Probability Reversals: From the results of the Moon signs we can

conclude that 4 % or greater reversals when the Sun is in Cancer have a greater

probability of occurrence when the Moon is also in Cancer ( 180.10 **), Capricorn

( 186.53 **), and Pisces ( 124.32*). The Moon in Cancer and Capricorn is above the

critical 150 level in each case. The Moon in Pisces is above worth noting 120 level.

The Moon in Cancer, or New Moon, and the Moon in Capricorn, or Full Moon, is both

cardinal signs.

Low Probability Reversals: from the results of the Moon sign with the Sun in

Gemini we can conclude that 4 % or greater reversals have the least probability of

occurrence when the Moon is in Leo (34.78 ###), Taurus (56.19 ##), Virgo (64.52

##), and Sagittarius (69.68 #). The weighted value of the Moon in Leo is below 50 extreme critical importance level. The weighted value of the Moon in Taurus and the

Moon in Virgo are below 67 critical importance level. The weighted value of the

Moon in Sagittarius is below worth considering 83 level. Here we have interesting

positions of the Moon contributing to low probability reversals 2 fixed signs

(Taurus and Leo) and 2 mutable signs (Virgo and Sagittarius), and another position

of the Moon 2 fire signs (Leo and Sagittarius), and 2 earth signs (Taurus and Virgo).

Crest Correlations: In the table of crests we can see that the Moon in Cancer

was present 3 times, in Capricorn 3 times, in Aquarius 2 times, and in Pisces also 2

times (135.24 *). The Moon in Cancer, the New Moon has a weighted value (195.98

**). The Moon in Capricorn, the Full Moon, has a weighted value (202.98 ***). Both

have a weighted value around extreme critical 200 level. At the same time both

solar-lunar combinations have equal amount of troughs and crests and because of

that they did not fulfill our 2:1 criterion. The weighted value of the Moon in Aquarius

is (140.25 *), and we had 2 crests versus 1 trough but it was slightly below our

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required 150 level. The Moon in Pisces has a weighted value (135.24 *), also slightly

below 150 level. We can conclude the Sun in Cancer while the Moon is in Aquarius

has a potential correlation of a crest signature.

Trough Correlations: In the table of troughs we can see that the Moon was in

Cancer 3 times, in Capricorn 3 times, in Sagittarius 2 times, and in Aries 2 times.

The weighted value of the Moon in Cancer is (166.55 **). The weighted value of the

Moon in Capricorn is (172.50 **). We already discussed these solar-lunar

combinations and came to conclusion that there is no strong correlation to crests or

to troughs. The weighted value of the Moon in Sagittarius and the Moon in Pisces is

(128.80 *), less than required 150 level. The Moon in Sagittarius had 2 troughs and

no crests.

High Probability Big Range Days for Day Trading: The most consistent big

range volatility days when the Sun is in Cancer, is when the Moon is also in

Capricorn (143.75**), Virgo (149.07**), and Pisces ( 143.75**). All signs have

weighted value around 150 level. The Moon in Scorpio had a weighted value

(125.78*), and the Moon in Gemini had a weighted value (121.92*) both above the

worth noting level.

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SUN IN LEO

The baseline of our study shows that Sun was in Leo 335 trading days during

the study.

From the results of the Mercury signs we can see that there is no significance

to 4 % or greater reversals when the Sun is in Leo when Mercury also is in Cancer,

Leo or Virgo.

From the results of the Venus signs we can conclude that 4 % or greater

reversals when the Sun is in Leo have a greater probability of occurrence when

Venus is an evening star in Libra (120.71*), and in Virgo (119.17*). With the Sun in

Leo, Venus as a morning star, would have low probabilities of 4% or greater

reversals with Venus in Gemini (71.5 #) and Venus in Cancer (62.0 ##).

High Probability Reversals: From the results of the Moon signs we can

conclude that 4 % or greater reversals when the Sun is in Leo have a greater

probability of occurrence when the Moon is in Sagittarius (150.86 **), Aries (124.87

*), Leo ( 124.87 *), and Gemini ( 120.71 *).The weighted value of the Moon in

Sagittarius is above the critical level of 150. The weighted value of the Moon in

Aries, Leo, and Gemini is above worth noting 120 level. Considering that the Sun

is in fire sign of Leo we can conclude that the Moon in all fire signs plays important

role in reversals.

Low Probabilities Reversals: from the results of the Moon sign with the Sun in

Leo we can conclude that 4 % or greater reversals have the least probability of

occurrence when the Moon is in Virgo, Taurus, and Capricorn. There were no

reversals when the Sun was in Leo, and the Moon was in Virgo. Weighted value of

the Moon in Taurus was (64.73 ##), below critical importance 67 level. Weighted

value of the Moon in Capricorn is (72.49 #), below worth considering 83 level. We

can conclude that the Sun in Aries and the Moon in Earth signs have lower than

usual probability of reversals.

Crest Correlations: In the table of crests we can see that the Moon in Aries

was 2 times, in Gemini 2 times, in Sagittarius 4 times, in Aquarius 3 times, and in

Pisces 2 times. The weighted value of the Moon in Sagittarius is (262.75 ***) above

200 extreme critical importance. Considering that it was 4 crests and one trough

that solar-lunar combination becomes most reliable crest correlation. The weighted

value of the Moon in Aquarius is (184.77 **). That solar-lunar combination has 3

crests versus 1 trough. We can conclude that the Sun in Leo while the Moon is in

Aquarius is very reliable crest correlation. The weighted value of the Moon in Pisces

is (145.91 **). It is very close to required 150 level. That solar-lunar combination has

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2 crests versus 1 trough, so most likely it can be reliable crest correlation. The

weighted value of the Moon in Aries is (135.85 *). It is above worth considering

120 level but we had 2 crests versus 2 troughs. The Moon in Gemini has the

weighted value (131.32 *), it is above the worth noting level of 120 but that solarlunar combination also does not have required ratio of crests and troughs. It has 2

crests versus 2 troughs.

Trough Correlation: In the table of troughs we can see that the Moon was in

Cancer 2 times, in Leo 3 times, in Libra 3 times, and in Capricorn 2 times. The

weighted value of the Moon in Leo, the New Moon, is (173.28 **). It has 3 troughs

versus 1 crest. The Moon in Libra also had a high weighted value (157.03 **). It has

3 troughs and no crests, thereby it fulfills 1:2 ratio. Therefore we can conclude that

the Moon in Leo and the Moon in Libra are trough correlations. The Moon in Cancer

with the weighted value (145.65 *), and the Moon in Capricorn with the weighted

value (134.00 *) both are below the required 150 level. The Moon in Cancer has 2

troughs versus 1 crest, and the Moon in Capricorn had 2 troughs as well and no

crests. Probably in time Leo-Cancer and Leo-Capricorn solar-lunar combinations will

be upgraded to reliable trough correlations.

High Probability Big Range Days for Day Trading: The most consistent big

range volatility days, when the Sun is in Leo, is when the Moon is also in Sagittarius

(152.31 **), and Capricorn (304.58 ***). The weighted value score of the Moon in

Sagittarius is above the critical 150 level. The Moon Capricorn is above 200

extreme critical importance. The Moon in Libra has the weighted value

(142.79

*), and the Moon in Scorpio (121.81*) which is above worth noting 120 level. It is

Interesting to note that all volatile days are in consecutive order from Libra to

Capricorn.

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SUN IN VIRGO

The baseline of our study shows that Sun was in Virgo 312 trading days

during the study.

From the results of the Mercury signs we can see that 4 % or greater

reversals when the Sun is in Virgo have a greater probability of occurrence when

Mercury is in Libra (139.29 *) and a low probability of occurrence with Mercury in

Virgo (68.41#).

From the results of the Venus signs we can conclude that 4 % or greater

reversals when the Sun is in Virgo have a greater probability of occurrence when

Venus is also in Virgo (123.80 *).

High Probability Reversals: From the results of the Moon signs we can

conclude that 4 % or greater reversals when the Sun is in Virgo have a greater

probability of occurrence when the Moon is in Sagittarius, Capricorn, and Pisces. The

Moon in Pisces has the weighted value (154.77**), above 150 critical importance

level, thus we can conclude that it is a very reliable reversal. The weighted value of

the Moon in Sagittarius is (138.65 *), and the Moon in Capricorn is (123.80 *). Both

solar-lunar combinations have better than average probability of coinciding with a

reversal.

Low Probabilities Reversals: from the results of the Moon sign with the Sun in

Gemini we can conclude that 4 % or greater reversals have the least probability of

occurrence when the Moon is in Aries, Taurus, and Leo. The weighted value of the

Moon in Aries is (39.43###), which is below extreme critical importance. The

weighted value of the Moon in Taurus is (61.95 ##), which is below our critical

importance, and the weighted value of the Moon in Leo is (69.39 #) below of worth

considering level.

Crest Correlations: In the table of crests we can see that the Moon in

Sagittarius and the Moon in Pisces was 3 times in each sign, the Moon in Virgo and

the Moon in Libra was 2 times in each sign. The weighted value of the Moon in

Sagittarius is (187.20 **). It has 3 instances of crests versus 1 trough; it is a very

reliable reversal. The weighted value of the Moon in Pisces is (167.14 **). In that

case there were 3 crests and 2 troughs, so it did not quite fulfill the 2:1 ratio

requirement. The weighted value of the Moon in Virgo was (120.00 *), and the

weighted value of the Moon in Libra is (135.65*). In both instances there were 2

crests and 1 trough; both they have better than average probability of coinciding

with reversal.

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Trough Correlation: In the table of troughs we can see that the Moon was in

Gemini 2 times, in Cancer 2 times, in Capricorn 2 times, and in Pisces 2 times as

well. The weighted value of the Moon in Gemini is (150.00 **), the weighted value of

the Moon in Cancer is (162.50 **). In both instances there were 2 troughs versus 1

crest; thus both solar-lunar combinations become very reliable reversals. The

weighted value of the Moon in Capricorn is (139.29 *) which is above worth

considering level but there were 2 troughs versus 2 crests. The weighted value of

the Moon in Pisces is (139.29 *). In that instance there were 2 troughs versus 3

crests. Therefore we can conclude that the Moon in Capricorn and the Moon in

Pisces have a better than average probability of reversal but not necessarily with a

trough or crest. It is interesting to note that during 15 years of study there were no

instances of a trough when the Sun was in Virgo and the Moon was in Aries.

High Probability Big Range Days for Day Trading: The most consistent big

range volatility days when the Sun is in Virgo is when the Moon is also in Aries

(223.91 ***), in Taurus (175.95 **), in Cancer (273.65 ***), in Libra (142.84 *), and in

Aquarius (121.68 *). The weighted value of the Moon in Cancer and the Moon in

Aries is above extreme critical importance. The weighted value of the Moon in

Taurus and the Moon in Libra is above the worth considering level. Note: 3 cardinal

signs are more active and volatile.

35

36

37

38

SUN IN LIBRA

The baseline of our study shows that Sun was in Libra 322 trading days

during the study.

From the results of the Mercury signs we can see that 4 % or greater

reversals when the Sun is in Virgo have a greater probability of occurrence when

Mercury also is in Libra (126.28 *) and a low probability of occurrence with Mercury

in Virgo (63.49##) and Scorpio (73.06#).

From the results of the Venus signs we can conclude that it is no 4 % or

greater reversals when the Sun is in Libra while the Venus is in Leo (45.89 ###), in

Virgo (111.15), in Scorpio (107.41), and in Sagittarius (68.83 #).

High Probability Reversals: From the results of the Moon signs we can

conclude that 4 % or greater reversals when the Sun is in Libra have a greater

probability of occurrence when the Moon is in Libra (137.66 *), and in Scorpio

(152.89 **). The weighted value of the Moon in Scorpio is above critical importance,

therefore the Sun in Libra and the Moon in Scorpio is very reliable solar-lunar

reversal combination. The Moon in Libra has weighted value above worth

considering level, thus it has better than average probability to coincide with

reversal.

Low Probabilities Reversals: from the results of the Moon sign with the Sun in

Libra we can conclude there is one particular Moon sign corresponding to low

probability of 4 % or greater reversals. Moon in Virgo (34.35###).

Crest Correlations: In the table of crests we can see that the Moon in Aries

was 2 times, the Moon in Gemini 2 times, the Moon in Libra 3 times, the Moon in

Scorpio 3 times, and the Moon in Capricorn 2 times. The Moon in Libra, the New

Moon has a weighted value (223.66 ***). There are 3 crests versus 1 trough. We can

conclude that the Moon in Libra is the most reliable solar-lunar correlation. The

weighted value of the Moon in Scorpio is (198.81**). There are 3 crests versus 2

troughs. The weighted value of the Moon in Capricorn is (137.59 *), the weighted

value of the Moon in Aries is (132.50 *), and the Moon in Gemini is (127.77 *). In all

three instances there are 2 crests versus 1 trough. Therefore we can conclude that

all three abovementioned solar-lunar combinations have better than average

probability of coinciding with reversals. It is interesting to note that the Sun is in

cardinal sign of Libra, and three cardinal played important role in reversals.

Trough Correlation: In the table of troughs we can see that the Moon was in

Taurus 3 times, in Aquarius 3 times, and in Pisces 3 times as well. The weighted

39

value of the Moon in Taurus is (158.67 **), the weighted value of the Moon in

Aquarius is (164.34 **), and the weighted value of the Moon in Pisces is (158.67 **).

Since all three Moon positions are above critical importance level and all have a

ratio of at least 2:1 troughs versus crests we can conclude that these solar-lunar

combinations are very reliable reversals.

High Probability Big Range Days for Day Trading: The most consistent big

range volatility days when the Sun is Libra, is when the Moon is also in Aries

(125.58 *), in Cancer (237.25 ***), in Libra (141.28 *), in Scorpio (188.31 **), and in

Capricorn (130.41 *). The weighted value of the Moon in Cancer is above extreme

critical importance level. The weighted value of the Moon in Scorpio is above critical

importance level. It is interesting to note that both Moon positions are in water

signs. The weighted value of the Moon in Aries, in Libra, and in Capricorn is above

worth considering level. It is necessary to note that among all Moon positions

cardinal signs are playing important role.

40

41

42

43

44

SUN IN SCORPIO

The baseline of our study shows that Sun was in Scorpio 316 trading days

during the study.

From the results of the Mercury signs we can see that there is no significant 4

% or greater reversals when the Sun is in Scorpio and Mercury is also in Libra

(114.26), in Scorpio (103.14), and in Sagittarius (85.51).

From the results of the Venus signs we can conclude that 4 % or greater

reversals when the Sun is in Scorpio and Venus is in Capricorn (139.65 *). Venus in

Virgo (115.8), Libra (67.59 #) Scorpio (112.5), and Sagittarius (97.53) had a low

probability of occurrence of reversal.

High Probability Reversals: From the results of the Moon signs we can

conclude that 4 % or greater reversals when the Sun is in Scorpio have a greater

probability of occurrence when the Moon is in Aries (128.21 *), in Taurus (163.17 **),

in Cancer (138.07 *), and in Virgo (153.94 **). The weighted value of the Moon in

Taurus, the Full Moon, is above the critical level of 150. The weighted value of the

Moon in Virgo, also earth sign, is also above critical importance. The weighted value

of the Moon in Aries, and the Moon in Cancer, both cardinal signs, is above the

worth noting level of 120. All the earth signs have a higher than expected

correlation to 4% or greater reversals when the Sun is in Scorpio. Cardinal signs of

the Moon have better than average probability of coinciding with reversals.

45

Low Probabilities Reversals: from the results of the Moon sign with the Sun in

Scorpio we can conclude that 4 % or greater reversals have the least probability of

occurrence when the Moon is in Leo (57.51 ##), in Aquarius (49.58 ###), and in

Pisces (28.59 ###). The weighted value of the Moon in Pisces and the weighted

value of the Moon in Aquarius is below the extreme critical importance level of 50.

The weighted value of the Moon in Leo is below critical importance level of 67. Thus

we can conclude that the time when the Moon transits trough consecutive signs of

Aquarius and Pisces 4% reversals are less likely. The same is true when the Moon is

in Leo while the Sun is in Scorpio.

Crest Correlations: In the table of crests we can see that the Moon in Aries

was 4 times, in Gemini 3 times, in Cancer 4 times, in Scorpio 2 times, and in

Capricorn 2 times. The weighted value of the Moon in Aries was (214.99 ***), it had

4 crests versus 1 trough. The weighted value of the Moon in Cancer was (231.53

***), it had 4 crests versus 1 trough. Both Moon positions in cardinal signs fit both

our criteria of special solar-lunar situation. Therefore we can conclude that the Sun

in Scorpio while the Moon is in Aries and the Moon is in Cancer are the most reliable

crest correlations. The weighted value of the Moon in Gemini was (150.52**) but it

had 3 crests versus 2 troughs. Probably in time that solar-lunar combination will

become a crest correlation. The weighted value of the Moon in Capricorn was

(130.80*). That solar-lunar combination has 2 crests versus 1 trough. The weighted

value of the Moon in Scorpio is (130.80*) which is slightly above our required worth

noting level. The ratio of that solar-lunar combination is 2:1.Therefore we can

conclude that the Moon in Scorpio while the Sun is also in Scorpio, or the New Moon,

has better that average probability of coinciding with a reversal. It is interesting to

note that there was no crest with the Moon in Pisces while the Sun was in Scorpio.

Trough Correlation: In the table of troughs we can see that the Moon was in

Taurus 4 times, in Virgo 4 times, and in Libra 4 times as well. The weighted value of

the Moon in Taurus is (249.78***), it has 4 troughs versus 1 crest. We can conclude

that the Moon in Taurus, the Full Moon, is the most reliable trough correlation. The

Moon in Virgo has the weighted value (196.25**). The ratio of that solar-lunar

correlation is 4:2. The weighted value of the Moon in Libra is (183.17**). That solarlunar combination also has 4 troughs and no crests. We can conclude that the Moon

in Virgo and the Moon in Libra, two consecutive signs, are trough correlations.

High Probability Big Range Days for Day Trading: The most consistent big

range volatility days when the Sun is in Scorpio, occurred when the Moon was also

in Aries (130.24*), in Taurus (165.76**), in Leo (145.87*), in Virgo (130.24*), and in

Aquarius (125.75*). The weighted value of the Moon in Taurus is above the critical

importance level. The weighted value of the Moon in Aries, in Leo, in Virgo, and in

Aquarius is worth considering. It is interesting to note that all fixed signs including

the Sun in Scorpio played important role in Big Range Days.

46

47

48

49

SUN IN SAGITTARIUS

The baseline of our study shows that Sun was in Sagittarius 305 trading days

during the study.

From the results of the Mercury signs we can see that 4 % or greater

reversals when the Sun is in Sagittarius have a greater probability of occurrence

when Mercury also is in Sagittarius (129.24*). Mercury in Scorpio (92.07) and

Mercury in Capricorn (21.56###) did not produce a reversal.

From the results of the Venus signs we can conclude that 4 % or greater

reversals when the Sun is in Sagittarius have a greater probability of occurrence

when Venus is also in Libra (173.30**) and in Aquarius (305.00***). Venus in Scorpio

(48.42###) and Venus in Capricorn (88.97) did not have an influence on reversals.

High Probability Reversals: From the results of the Moon signs we can

conclude that 4 % or greater reversals have the highest probability of occurrence

when the Sun is in Sagittarius and the Moon also is in Aries (293.27***), in Taurus

(146.63*), Leo (152.50**), Libra (211.85***), and Sagittarius (158.85**). The Moon

in Aries and in Libra, both Cardinal signs, have the weighted value score above

extreme critical importance. They are instances of the most reliable reversal. The

Moon in Leo and the Moon in Sagittarius, the New Moon, have weighted value above

critical importance. Leo and Sagittarius are both fire signs.

Low Probabilities Reversals: from the results of the Moon sign with the Sun in

Sagittarius we can conclude that 4% or greater reversals have the lowest probability

of occurrence when the Moon is also in Gemini (47.11###), Cancer (47.11###),

Capricorn (48.92###), and Pisces (43.86###). All solar-lunar combinations have

the weighted value below extreme critical importance level, thus confirming that

above-mentioned solar-lunar combinations are less likely to produce a trading

reversal.

Crest Correlations: In the table of crests with the Sun in Sagittarius, we can

see that the Moon is in Aries 4 times, and in Leo 3 times. Leo and Aries are fire

signs. The weighted value of the Moon in Aries is (390.99***). There are 4 crests

versus 2 troughs. The weighted value of the Moon in Leo is (305.00***).

It has 3 crests and no troughs. Both solar-lunar combinations fulfill both

requirements. Therefore we can conclude that the Sun in Sagittarius with the Moon

in fire signs of Aries and Leo is crest correlation.

50

Trough Correlation: In the table of troughs with the Sun in Sagittarius, we can

see that the Moon was in Aries 2 times, Taurus 2 times, Libra 3 times, and in

Sagittarius 2 times. The weighted value of the Moon in Libra is (317.71***). It has 3

troughs versus 1 crest. The weighted value of the Moon in Sagittarius, the New

Moon, is (211.85***). Ratio of troughs to crests is 2:1. Therefore we can conclude

that when the Sun is in Sagittarius while the Moon is in Libra or in Sagittarius there

are the most reliable troughs occurring. The weighted value of the Moon in Aries is

(195.55**). There are 2 troughs versus 4 crests. We already mentioned that Sun in

Sagittarius and the Moon in Aries is in fact a crest signature. The weighted value of

the Moon in Taurus is (195.55**). There are 2 troughs versus 1 crest. That solarlunar combination fulfills our requirement; it is a trough correlation. It is interesting

to note that there were no troughs when the Moon was in Leo, Virgo, Aquarius, and

Pisces.

High Probability Big Range Days for Day Trading: The most consistent big

range volatility days when the Sun is in Sagittarius, is when the Moon is also in Leo

(152.50**), Scorpio (221.06***), and Capricorn (244.35***). It appears that the Sun

in Sagittarius and the Moon in Leo, both fire signs; the Sun in Sagittarius and the

Moon in Scorpio, fire and water signs, the market is more unstable than usual.

51

52

53

54

SUN IN CAPRICORN

The baseline of our study shows that Sun was in Capricorn 280 trading days

during the study.

From the results of the Mercury signs we can see that 4 % or greater

reversals when the Sun is in Capricorn have a greater probability of occurrence

when Mercury also is in Aquarius (244.19***). When Mercury was in Sagittarius

(70.77#), and in Capricorn (75.76#) there was no reversal.

From the results of the Venus signs we can conclude that 4 % or greater

reversals when the Sun is in Capricorn have a greater probability of occurrence

when Venus is also in Sagittarius (131.44*), and Pisces (291.70***). There was low

probability of reversal when Venus was in Scorpio (36.49###), Capricorn (77.77#),

and Aquarius (47.30###).

High Probability Reversals: From the results of the Moon signs we can

conclude that 4 % or greater reversals when the Sun is in Capricorn have a greater

probability of occurrence when the Moon is in Libra, Sagittarius, and Aquarius. The

weighted value of the Moon in Libra is (253.58***). That is above extreme critical

importance 200 level. Therefore that solar-lunar combination is the most reliable

reversal. The weighted value of the Moon in Sagittarius is (194.48**), and the

weighted value of the Moon in Aquarius is (152.17**). Both solar-lunar combinations

have weighted value above critical importance level. Therefore we can conclude

that they are very reliable reversals. It is interesting to note that Libra and Aquarius

are both air signs.

Low Probabilities Reversals: from the results of the Moon sign with the Sun in

Capricorn we can conclude that 4 % or greater reversals have the least probability

of occurrence when the Moon is in Aries, Gemini, Cancer, and Virgo. The weighted

value of the Moon in Virgo is (43.24###), below critical importance. Therefore we

can conclude that the Sun in Capricorn while the Moon is in Virgo has extremely low

volatility. The weighted value of the Moon in Aries is (53.07##), in Gemini is

(61.45##), and in Cancer is (53.07##), below critical importance 67 level.

Therefore we can consider all the above-mentioned Moon positions as a time band

when 4% reversals are less likely than normal.

Crest Correlations: In the table of crests we can see that the Moon in Taurus is

2 times, and the Moon in Libra is 5 times. The weighted value of the Moon in Taurus

is (194.48**), which is very close to extreme critical importance. The weighted value

of the Moon in Libra is (507.29***). Both solar-lunar correlations have crests only

and no troughs, thus fulfilling both our requirements. Therefore we can conclude

55

that the Moon in Taurus and the Moon in Libra while the Sun is in Capricorn are crest

correlations. Interesting to note that there was no crests when the Moon was in

Gemini, Cancer, Leo, Virgo, and Capricorn.

Trough Correlation: In the table of troughs we can see that the Moon was in

Gemini once, in Sagittarius 3 times, in Capricorn 2 times, and in Aquarius 2 times.

The weighted value of the Moon in Sagittarius is (291.67***), in Capricorn, the New

Moon, is (202.94***), and in Aquarius is also (202.94***). All three solar-lunar

combinations are above extreme critical importance. The Moon in Sagittarius had 3

troughs versus 1 crest. The Moon in Capricorn had 2 troughs and no crests, and the

Moon in Aquarius had 2 troughs versus 1 crest. We can conclude that the Moon in

consecutive signs Sagittarius, Capricorn and Aquarius, while the Sun is in Capricorn

are trough correlations. The Moon in Gemini had a weighted value (122.76*), which

is considered worth noting but in that instance we had only 1 trough and no

crests. May be in time it will become trough correlation.

High Probability Big Range Days for Day Trading: The most consistent big

range volatility days when the Sun is in Capricorn occurred when the Moon was

also in Gemini, Virgo and Capricorn. The weighted value score of these solar-lunar

combinations was (122.76*), (172.87**), and (202.94***) respectively. Virgo and

Capricorn are both Earth signs, and Capricorn Moon is a New Moon.

56

57

58

59

SUN IN AQUARIUS

The baseline of our study shows that Sun was in Aquarius 305 trading days

during the study.

From the results of the Mercury signs we can see that 4% or greater reversals

when the Sun is in Aquarius have a greater probability of occurrence when Mercury

is in Capricorn (139.13*).

From the results of the Venus signs we can conclude that 4% or greater

reversals when the Sun is in Aquarius have a greater probability of occurrence when

Venus also is in Aries (196.77**) and a low probability of occurrence with Venus in

Sagittarius (37.89###), Capricorn (104.67), Aquarius (44.07###), and Pisces

(118.55).

High Probability Reversals: From the results of the Moon signs we can

conclude that 4% or greater reversals when the Sun is in Aquarius have the highest

probability of occurrence when the Moon is also in Taurus (134.20*), Cancer

(157.38**), Virgo (218.58***), Sagittarius (255.07***), and Aquarius (145.72*). The

weighted value of the Moon in Virgo and the Moon in Sagittarius is above our 200

extreme critical importance level. Virgo and Sagittarius are mutable signs. Therefore

we can conclude that when the Moon is in mutable signs of Virgo and Sagittarius

while the Sun is in Aquarius there is a possibility of the most reliable reversal. The

weighted value of the Moon in Cancer is above the critical importance level; thus

very reliable reversals are likely to occur. The Moon in Taurus and the Moon in

Aquarius, both fixed signs, has the weighted value above our worth considering

level with better than average probability of coinciding with reversal. It is necessary

to note that the Moon in Aquarius is a New Moon.

Low Probabilities Reversals: from the results of the Moon sign with the Sun in

Aquarius have the lowest probability of occurrence when the Moon is in Aries

(33.97###), and Gemini (37.89###). The weighted value of the Moon in Aries and

Gemini is below our extreme critical importance level. Therefore we can conclude

that when the Moon is Aries or Gemini while the Sun is also in Aquarius the

probability of a 4% reversal is less likely to occur.

Crest Correlations: In the table of crests we can see that the Moon is in Taurus

2 times, in Virgo 4 times, in Sagittarius 2 times, and in Aquarius 3 times. The Moon

in Sagittarius did not have required 150 weighted value level, just 141.20*. Also

there were not right crests and troughs ratio. The weighted value of the Moon in

60

instances of crests and 2 instances of troughs, so it fulfills the required ratio 2:1.

The weighted value of the Moon in Aquarius, the New Moon, is (211.81***). There

are 3 instances of crest and 1 trough. Thus again both our requirements are fulfilled.

The Moon in Taurus has the weighted value (173.30**). There are 2 crests versus 1

trough. Once again both our requirements are fulfilled. Therefore we can conclude

that the most reliable crest correlations correspond to the Moon in Virgo while the

Sun is in Aquarius, and to the New Moon, or when both Sun and Moon are in

Aquarius. First Quarter Moon or the Moon in Taurus with Aquarius Sun can be a crest

correlation.

Trough Correlation: In the table of troughs we can see that the Moon is in

Cancer 3 times, in Virgo 2 times, and in Sagittarius 5 times. The weighted value of

the Moon in Sagittarius is (376.51***). That combination has required amount

troughs versus crests 5:2, and its weighted value is extremely high, therefore we

can conclude that the Sun in Aquarius and the Moon in Sagittarius are correlated to

troughs. The weighted value of the Moon in Cancer is (244.00***), and it has 3

troughs versus 1 crest; therefore it also qualifies to be a troughs correlation. The

Moon in Virgo has a weighted value 150.48. It has 2 troughs versus 4 crests. That

solar-lunar combination has a very high weighted value, especially for crests.

Therefore most likely the Moon in Virgo while the Sun is in Aquarius is rather

reversal signature than specifically trough or crest correlation.

High Probability Big Range Days for Day Trading: The most consistent big

range volatility days when the Sun is in Aquarius, is when the Moon is in Cancer

(183.00**), Virgo (282.41***), Scorpio (127.08*), and Sagittarius (169.44**).

61

62

63

64

SUN IN PISCES

The baseline of our study shows that Sun was in Pisces 312 trading days

during the study.

From the results of the Mercury signs we can see that 4% or greater reversals

when the Sun is in Pisces have a greater probability of occurrence when Mercury

also is in Aquarius 165.44** and a low probability of occurrence with Mercury in

Pisces (79.88#) and Mercury in Aries (33.19###).

From the results of the Venus signs we can conclude that 4% or greater

reversals when the Sun is in Pisces have a greater probability of occurrence when

Venus is also in Aquarius (120.00*) and in Aries (150.76**) and a low probability of

occurrence with Venus in Capricorn (33.91###) and Pisces (45.22###).

High Probability Reversals: From the results of the Moon signs we can

conclude that 4% or greater reversals when the Sun is in Pisces have the higher

probability of occurrence when the Moon is also in Aries (134.48*), in Gemini

(173.33**), in Cancer (144.44*), and in Leo (130.00*). The weighted value of the

Moon in Gemini, or First Quarter, is above the required 150 level. The Moon in Aries,

in Cancer, and in Leo is above our worth noting 120 level. Therefore we can

conclude that the Moon in Gemini is very reliable reversal.

Low Probabilities Reversals: from the results of the Moon sign with the Sun in

Pisces we can conclude that 4% or greater reversals have the lowest probability of

occurrence when the Moon is in Virgo (33.91###) and in Libra (27.86###). The

weighted value of the Moon in two consecutive signs of Virgo, Full Moon, and Libra

are below extreme critical importance level of 50. Therefore we can conclude that

the Moon in Virgo and the Moon in Libra, when the Sun is in Pisces, probability of a

4% reversal is less likely to occur.

Crest Correlations: In the table of crests we can see that the Moon in Aries

was 3 times, in Taurus 2 times, in Gemini 3 times, in Leo 2 times, and in Pisces 2

times. The weighted value of the Moon in Gemini is (182.46**), above critical

importance 150 level. There were 3 crests versus 3 troughs, so that requirement

was not fulfilled. The Moon in Aries has the weighted value (169.88**) but amount

of crests and troughs is 3:2. The weighted value of the Moon in Leo is (136.89*). In

that instance there were 2 troughs and 2 troughs. The weighted value of the Moon

in Taurus is (126.36*), above of our worth noting level, also there is 2 crests

versus 1 trough. The Moon in Pisces has the weighted value (131.41*), above worth

noting level. There are also 2 crests versus 1 trough. We can conclude that there is

no strong correlation to crest among all solar-lunar combinations. The Moon in

65

Gemini, the Moon in Aries, and the Moon in Leo while the Sun is in Pisces are rather

reversal correlations. The Moon in Taurus and the Moon in Pisces, the New Moon, are

worth noting.

Trough Correlation: In the table of troughs we can see that the Moon was in

Gemini 3 times, in Cancer 4 times, in Leo 2 times, and in Scorpio 2 times. The

weighted value of the Moon in Cancer is (220.13***). There were 4 troughs versus 1

crest, so it qualifies both requirements for trough correlation. The weighted value of

the Moon in Scorpio is (129.14*) which is slightly higher than worth noting level.

There were 2 troughs and 1 crest. Therefore the Moon in Scorpio while the Sun is in

Pisces has better than average probability of coinciding with reversals. The

weighted value of the Moon in Gemini (First Quarter) is (169.88**), which fits one of

our requirements for reversal but the amount of troughs and crests was equal 3

troughs versus 3 crests. Therefore the Moon in Gemini while the Sun is Pisces is a

very strong reversal correlation. The Moon in Leo also should be considered as

reversal correlation; its weighted value is (123.76*), and there were 2 troughs

versus 2 crests. After consideration of various solar-lunar correlations we can

conclude that the Moon in Cancer while the Sun is in Pisces is the most reliable

trough correlation.

We view this work as an extension to the original study outlined in the book

previously mentioned, The Ultimate Book On Stock Market Timing Vol. 4 Solar /

Lunar Correlations To Short-Term Trading Reversals by Raymond Merriman. The

original work covered the DJIA, NASDAQ and Nikkei over a 60 year period.

This study would add 11 additional years, with data from December 22, 1998

- December 31, 2013 as the ETF XLY closely approximates the broader US stock

markets.

It is our intent to analyze this current study in tandem with Rays original

work. It will be interesting to note the similarities evident within the current market

environment.

66

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