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Next DJIA stop should be circa 8346 and then 7543. The level the market
choses for a bounce should tell us much about where the market is and what
we should expect in the bigger picture.
SPX levels = 1035 or 1005, 936, 872, 847-833, **782**, 702,
and 597. The March 22 low at 1081 implied that low was an A wave of a BIG
WAVE IV ala Grand Super Cycle for the US and since the May high at 1315 the
SPX is in C of IV. If that harmonic holds, I expect to see 782 before this
major wave is done. This does not preclude interim counter trend rallies of
substantial proportion. For example, I expect a substantial year end rally
and economic boomlet which should last into Jan. or Feb. of 2002. If SPX
didn't bottom near the 782 level then we should consider that the year end
rally is perhaps Wave II or Wave IV of Major WAVE IV and there will be new
lows toward 782.
What blows me away is that while doing the above analysis, I cracked the
harmonic I have been seeking since the March 22 low which turned out to be a
minor harmonic ala "A" wave of a super major wave for the existence of the
USA. The retest for the 1081 low came the day before the 911 attack on the
US which is a threat to all of civilization and in particular the USA. So
one could say that time and price squared for a major event and turning
point for not just the SPX but the existence of the USA. If I am correct on
this theory, some cataclysmic events should occur for the US when the SPX
nears 782. The good news is that if 782 holds, SPX should be headed for new
all time highs. Please keep in mind that this new major bull market may not
commence for several years and then transpire over the course of several or
many years.
Wavingly,
Norman Winski
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