W. D. Gann was born in 1878 and is one of the 'grandfathers' of technical
analysis, along with Dow, Schabacker, Wyckoff and Elliot. He was a runner,
broker, trader, author and market educator. Gann, like Elliot, also
believed there were universal laws governing the behavior of the markets.
Gann placed a great amount of emphasis on the time aspect of market analysis
as well, believing that a certain amount of time must pass before a reversal
can occur. In addition to relying on the Fibonacci number series, Gann also
devised his own number series, also known as Gann numbers, by dividing and
multiplying the calendar by multiples of eight. Gann also used geometric
angles in his analysis. For example, a market rising by one unit of price
over one unit of time (a 1:1 ratio) is rising at a 45-degree angle. Gann
also used other ratios, such as the 2:1 and 4:1 ratios, for determining
important support and resistance levels. As an avid commodity trader, Gann
also believed that the markets tended to move according to seasonal
tendencies.

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