AANNALYSIS

ALYSIS AN
AND FFO
ND RE
OR CAST
ST
REECAS ING R
TING REESULTS
SULTS
FOR ALL S&P 500 STOCKS (A THROUGH H)

The details of each forecast and resultant market movement is as follows:

3M COMPANY (AS OF 1 JULY 2002)

FORECAST FOR 3M ON 1 JULY 2002

Short Term Forecast: Expect the market to peak in the 126-134 range (although
possibly in the range of 124-134) before it turns down.
This should happen within the next few weeks, but could
possibly take up to two months to complete.

Medium Term Forecast: Once the market has completed its short term peak,
expect it to decline to a low in the range 105-116
(although possibly in the range of 99-121). This should
happen in the next 1-4 months, but could happen sooner
or even take longer.

After this low, expect the market to rally to a peak in the

110-120 range (although possibly in the range of 108-140)
within 4 months. Again this could happen sooner or take
longer.
Long Term Forecast: Expect the market to bottom out in the 59-85 range
(although it could be anywhere in the range of 20-110),
after which expect a long term bull market to start. This
low is expected in about 6 months or more, but could
possibly be sooner.

Here is a chart showing what 3M did in the 12 months after this forecast
was made on 1 July 2002:
Compare the forecast issued on 1 July 2002, to the subsequent market
movement over the next 12 months:

Short Term Forecast: Expect the market to peak in the 126-134 range (although
possibly in the range of 124-134) before it turns down.
This should occur within the next few weeks, but could
possibly take up to two months to complete.

This forecast was correct: The market peaked at 127 a

week later.

Medium Term Forecast: Once the market has completed its short term peak,
expect it to decline to a low in the range 105-116
(although possibly in the range of 99-121). This should
happen in the next 1-4 months, but could happen sooner
or even take longer.

This forecast was correct: The market moved to a low of

106 three weeks later.

After this low, expect the market to rally to a peak in the

110-120 range (although possibly in the range of 108-140)
within 4 months. Again this could happen sooner or take
longer.

This forecast was correct: The market peaked at 127 in

six weeks.

Long Term Forecast: Expect the market to bottom out in the 59-85 range
(although it could be anywhere in the range of 20-110),
after which expect a long term bull market to start. This
low is expected in about 6 months or more, but could
possibly be sooner.

This forecast was correct: The market bottomed out at

107 four months later and has been bullish ever since.
AES CORP (AS OF 1 JULY 2002)

FORECAST FOR AES CORP ON 1 JULY 2002

Short Term Forecast: The market has moved up into a short term target price
range, so expect it to have either already peaked and be
moving down already, or be about to peak.

Medium Term Forecast: The medium term forecast is the same as the short term
forecast, in that the larger degree pattern is or will
complete at the same time. Expect the market to have
already peaked, or be about to peak.

Long Term Forecast: Expect the market to decline strongly. A target range will
become apparent as the market moves down.
Here is a chart showing how AES Corp performed in the 12 months after
this forecast was made on 1 July 2002:

Compare the forecast generated on 1 July 2002, to the subsequent market

movement over the next 12 months:

Short Term Forecast: The market has moved up into a short term target price
range, so expect it to have either already peaked and be
moving down already, or be about to peak.

This forecast was correct: The market had already

peaked, and was moving down.

Medium Term Forecast: The medium term forecast is the same as the short term
forecast, in that the larger degree pattern is or will
complete at the same time. Expect the market to have
already peaked, or be about to peak.

This forecast was correct: The market had already

peaked, and was moving down.

Long Term Forecast: Expect the market to decline strongly. A target range will
become apparent as the market moves down.

This forecast was correct: The market plummeted back to

a value of just 1 before starting to recover.
ALCOA (AS OF 1 JULY 2002)

FORECAST FOR ALCOA ON 1 JULY 2002

Short Term Forecast: The market is currently in range to end the current
Impulse Wave 2. Expect it to peak at any time now, and
start declining strongly.

Medium Term Forecast: Expect the market to decline strongly into the 20-28
range (although possibly at any value under 32) before
beginning a sideways consolidation pattern. This should
happen within a month.

Long Term Forecast: Expect a general downtrend to bottom out in the range of
14-25 (although possibly any price less than 33). This
should happen within 3-9 months. After this low, expect
the market to generally trend upward.
Here is a chart showing what Alcoa did in the 12 months after this forecast
was produced on 1 July 2002:

Short Term Forecast: The market is currently in range to end the current
Impulse Wave 2. Expect it to peak anytime now, and start
declining strongly.

This forecast was correct. The market has already peaked

and started to decline strongly.

Medium Term Forecast: Expect the market to decline strongly into the 20-28
range (although possibly at any value under 32) before
beginning a sideways consolidation pattern. This should
happen within a month.

This forecast was correct. The market hit a low of 23

three weeks later.

Long Term Forecast: Expect a general downtrend to bottom out in the range of
14-25 (although possibly any price less than 33). This
should happen within 3-9 months. After this low, expect
the market to generally trend upward.

This forecast was correct. The market bottomed out at 16

about 3.5 months later and then started a general trend
upward.
ALLEGHENY TECHNOLOGIES
There was insufficient historical data to make a confident forecast.

ALLSTATE INSURANCE
There was insufficient historical data to make a confident forecast.
ALTRIA GROUP CORP (AS OF 1 JULY 2002)

FORECAST FOR ALTRIA GROUP ON 1 JULY 2002

Short Term Forecast: Expect the market to make a short term low at some
price less than 20, but quite possibly any price less than
40. This should happen no sooner than 2 months from
now.

Medium Term Forecast: Expect the market to bottom out in the range 18-27, but
possibly at any price less than 40. This can happen at any
time after the short term low is hit.

Long Term Forecast: Once the medium term bottom is hit, expect the market
to begin a long term bull run, making new highs.
Here is a chart showing what Altria did in the 12 months after this forecast
was made on 1 July 2002:

Compare the forecast made on 1 July 2002, to the subsequent market

movement over the next 12 months:

Short Term Forecast: Expect the market to make a short term low at some
price less than 20, but quite possibly any price less than
40. This should happen no sooner than 2 months from
now.

This forecast was correct: The market bottomed out at 34

three months later.

Medium Term Forecast: Expect the market to bottom out in the range 18-27, but
possibly at any price less than 40. This can happen at any
time after the short term low is hit.

This forecast was correct. The market bottomed at 27

nine months later.

Long term Forecast: Once the medium term bottom is hit, expect the market
to begin a long term bull run, making new highs.

This forecast was correct. After hitting the medium term

low of 27, the market started moving up, making new
highs.
AMEX
Amex does not display strong enough historical Elliott Wave behavior to give a
confident forecast.

AMERINTL GROUP
AmerIntl does not display strong enough historical Elliott Wave behavior to
give a confident forecast.

AOL
There was insufficient historical data to make a confident forecast.
AMERICAN ELECTRIC (AS OF 1 JULY 2002)

FORECAST FOR AMERICAN ELECTRIC ON 1 JULY 2002

General Forecast: Expect a general downtrend immediately and into the

future. The market should bottom out in the range of 15-
25, although it could bottom out anywhere under 35. This
should happen in the next 7 months, but could occur
much sooner.
Here is a chart showing what American Electric did in the 12 months after
this forecast was made on 1 July 2002:

Compare the forecast made on 1 July 2002, to the subsequent market

movement over the next 12 months:

General Forecast: Expect a general downtrend immediately and into the

future. The market should bottom out in the range of 15-
25, although it could bottom out anywhere under 35. This
should happen in the next 7 months, but could occur
much sooner. The market should then move into a general
bull market.

This forecast was correct: The market immediately

declined to a short term low of 21, rallied, then
completed the downtrend at 14, before moving into a
general up-trend.
AMGEN (AS OF 1 JULY 2002)

FORECAST FOR AMGEN ON 1 JULY 2002

Short Term Forecast: Expect the market to move down to the range of 28-33
(although this could be anything from 18-38) before
bottoming, and then start moving up. This should happen
within the next month, but more likely within days.

Medium Term Forecast: Once the market has bottomed, expect it to peak at 65-90
(although this could be in the 60-130 range). Although this
could possibly happen within weeks, expect it to take six
weeks or longer.

Long Term Forecast: After reaching the medium term peak, expect the market
to drop to the 35-55 range, and then rise to at least 75-90
before turning down again.
Here is a chart showing what Amgen did in the 12 months after this
forecast was generated on 1 July 2002:

Compare the forecast made on 1 July 2002, to the subsequent market

movement over the next 12 months:

Short Term Forecast: Expect the market to move down to the range of 28-33
(although this could be anything from 18-38) before
bottoming, then start moving up. This should happen
within the next month, but more likely within days.

This forecast was correct: The market declined to a low

at 31 two weeks later before turning up.

Medium Term Forecast: Once the market has bottomed, expect it to peak at 65-90
(although this could be in the 60-130 range). Although this
could possibly happen within weeks, expect it to take six
weeks or longer.

This forecast was correct: The market rose steadily over

the next 12 months to a high of 67. It is possibly still
rising.
Long Term Forecast: After reaching the medium term peak, expect the market
to drop to the 35-55 range, and then up to at least 75-90
before turning down again.

This forecast is yet to be completed: We are yet to

establish if this forecast is correct.

ANHEUSER BUSCH
Anheuser Busch does not display strong enough historical Elliott Wave
behavior to give a confident forecast.

AT&T
AT&T does not display strong enough historical Elliott Wave behavior to give a
confident forecast.
AVON (AS OF 1 JULY 2002)

FORECAST FOR AVON ON 1 JULY 2002

Short Term Forecast: There are two possible forecasts. If the market continues
rising, expect it to move into the 66-84 range (although
this could possibly be in the 65-95 range). If it moves
down, expect it to bottom in the 30-40 range (or possibly
anything under 42). This could occur imminently, but
expect it to take at least 3 weeks.

Medium Term Forecast: Regardless of the short term forecast outcome, expect
the medium term market movement to rise to a high of
50-66 (or possibly in the 48-88 range) within the next 3-9
months.
Here is a chart showing what Avon did in the 12 months after this forecast
was made on 1 July 2002:

Compare the forecast made on 1 July 2002, to the subsequent market

movement over the next 12 months:

Short Term Forecast: There are two possible scenarios.

Option 1: If the market continues up, then expect it to

move into the 66-84 range (although this could possibly be
in the 65-95 range).

Option 2: If it moves down, then expect it to bottom in

the 30-40 range (or possibly anything under 42). This
could all happen imminently but expect it to take at least
3 weeks.

This forecast was partially correct: The market

immediately dropped to a low of 43 just three weeks
later, just missing the expected range of option 2.
Medium Term Forecast: Regardless of the short term forecast outcome, expect
the medium term market movement to rise to a high of
50-66 (or possibly in the 48-88 range) within the next 3-9
months (although it may take longer than 9 months).

This forecast was correct: After hitting the short term

low, the market turned bullish and gained ground for the
next 12 months, finishing the year in the low sixties and
climbing.

BANC ONE
Unable to get a reliable Elliott Wave Count.
BANK OF AMERICA (AS OF 1 JULY 2002)

FORECAST FOR BANK OF AMERICA ON 1 JULY 2002

Short Term Forecast: Expect the market to decline to a bottom in the range of
44-53 within the next two months. (Although the range
could be 38-57 and could take much longer).

Medium Term Forecast: Expect the market to rise to 110-200 before the next
retracement. This should take at least two years. We are
now in a long term bull market.
Here is a chart showing what Bank of America did in the 12 months after
this forecast was made on 1 July 2002:

Compare the forecast made on 1 July 2002, to the subsequent market

movement over the next 12 months:

Short Term Forecast: Expect the market to decline to a bottom in the range of
44-53 within the next two months (Although the range
could be 38-57 and could take much longer).

This forecast was correct: The market spiked back to 56

three weeks later, rallied, then created a new bottom of
56 about three months later.

Medium Term Forecast: Expect the market to rise to 110-200 before the next
retracement. This should take at least two years. We are
now in a long term bull market.

This forecast appears to be correct: The market has risen

for the rest of the year, is now around 80, and appears to
be continuing to rise.
BAXTER INTERNATIONAL (AS OF 1 JULY 2002)

FORECAST FOR BAXTER INTERNATIONAL ON 1 JULY 2002

Short Term Forecast: This count is not very clear, in that there is not much
information. The three short term counts conflict,
although there appears to be consensus for a rally back up
to 44 or higher, before a continuing decline. This should
happen imminently.

Medium/
Long Term Forecast: This general downward movement is expected to bottom
out in the range of 23-41, although it could be anything
between 8 and 52. This should happen in the next 12
months or more, but could happen much sooner.
Here is a chart showing what Baxter International did in the 12 months
after this forecast was made on 1 July 2002:

Compare the forecast made on 1 July 2002, to the subsequent market

movement over the next 12 months:

Short Term Forecast: This count is not very clear, in that there is not much
information. The three short term counts conflict,
although there appears to be consensus for an immediate
rally back up to 44 or higher, before a continuing decline.

This forecast was partially correct: The market did rally,

but only up to 43 before it continued a general decline.

Medium/
Long Term Forecast: This general downward movement is expected to bottom
out in the range of 23-41, although it could be anything
between 8 and 52. This should happen in the next 12
months or more, but could happen much sooner.

This forecast was correct: The market dropped to a major

low of 18 about 9 months later, and has risen ever since.
BLACK AND DECKER (AS OF 1 JULY 2002)

FORECAST FOR BLACK AND DECKER ON 1 JULY 2002

Short Term Forecast: The recent high of 50 could be the top of the current
short term wave. If not, it may rally up into the range of
51-80, although time is starting to run out. So the most
likely scenario is that we are looking for a short term
decline.

Medium Term Forecast: Expect the market to bottom out below 35 from 1 to 12
months from now.
Here is a chart showing how Black & Decker performed in the 12 months
after this forecast was made on 1 July 2002:

Compare the forecast made on 1 July 2002, to the subsequent market

movement over the next 12 months:

Short Term Forecast: The recent high of 50 could be the top of the current
short term wave. If not, it may rally up into the range of
51-80, although time is starting to run out. So the most
likely scenario is that we are looking for a short term
decline.

This forecast was correct: The market dropped

immediately to a low of 35.5.

Medium Term Forecast: Expect the market to bottom out below 35 from 1 to 12
months from now, then start a major uptrend.

This forecast was correct: The market bottomed out at 33

about 8 months later, and has been rising ever since.
BOEING
Unable to get a reliable Elliott Wave Count.

BOISE CASCADE
Boise Cascade does not display strong enough historical Elliott Wave behavior
to give a confident forecast.

BRISTOL MYERS
Bristol Myers does not display strong enough historical Elliott Wave behavior
to give a confident forecast.
BURLINGTON NORTH (AS OF 1 JULY 2002)

FORECAST FOR BURLINGTON NORTH ON 1 JULY 2002

Short/
Medium Term Forecast: There are two possibilities.

Option 1: The correction is over, and we can expect the

market rise to a top of 34 plus relatively quickly.

Option 2: The correction is still in effect, and we can

expect the market to drop to a low in the range of 24.5-
27 (or possibly anywhere in the 20-28 range) in the next
few weeks or months before starting on a major bull run.
The closer the market declines towards 26.5, the more
likely it is that we are still in a correction.

Long Term Forecast: Expect a rally to 40 or more before the next major pull
back, although more probably in the range of 50-85. This
top is expected sometime in the next three years.
Here is a chart showing what Burlington North did in the 12 months after
this forecast was made on 1 July 2002:

Compare the forecast made on 1 July 2002, to the subsequent market

movement over the next 12 months:

Short/
Medium Term Forecast: There are two possibilities.

Option 1: The correction is over, and we can expect the

market rise to a top of 34 plus relatively quickly.

Option 2: The correction is still in effect, and we can

expect the market to drop to a low in the range of 24.5-
27 (or possibly anywhere in the 20-28 range) in the next
few weeks or months before starting on a major bull run.
The closer the market declines towards 26.5, the more
likely we are still in a correction.

This forecast was correct: The market dropped

immediately to a low of 25 about three weeks later,
rallied then declined to a new low of 23 about 3 months
later.
Long Term Forecast: Expect a rally to 40 or more before the next major pull
back, although more probably in the range of 50-85. This
top is expected sometime in the next three years.

The accuracy of this forecast remains undetermined: It is

still too soon to know if the market will reach this target
of 40+.
CAMPBELL SOUP (AS OF 1 JULY 2002)

FORECAST FOR CAMPBELL SOUP ON 1 JULY 2002

Short Term Forecast: The market appears to be in the third and final corrective
leg down, so expect a decline to 18 or less (although this
could be anywhere under 23), in the next 3 months or
more.

Medium Term Forecast: Expect a medium term bottom between 18 and 36 before
a long term bull market commences.
Here is a chart showing what Campbell Soup did in the 12 months after this
forecast was made on 1 July 2002:

Compare the forecast made on 1 July 2002, to the subsequent market

movement over the next 12 months:

Short Term Forecast: The market appears to be in the third and final corrective
leg down, so expect a decline to 18 or less (although this
could be anywhere under 23), in the next 3 months or
more.

This forecast was correct: The market declined to a short

term low of 20.5 within a month, and tested it three
times in the next few months while consolidating in a
sideways move.

Medium Term Forecast: Expect a medium term bottom between 18 and 36 before
a long term bull market begins.

This forecast was correct: The market made a medium

term low of around 19 and has been moving generally
upwards since then.
CIGNA (AS OF 1 JULY 2002)

FORECAST FOR CIGNA ON 1 JULY 2002

Short Term Forecast: One of two scenarios is in play:

Option 1: The high of 109 was the end of the medium

term retracement and the market is about to decline
down into the 42-97 range.

Option 2: The medium term correction is still in place and

the market will peak above 108, although more likely
above 112. Once the market peaks, expect it to decline
back into the 42-97 range.

If the market continues to move down in the next week or

two, then Option 1 will be the most likely scenario.

Medium Term Forecast: Once the market has bottomed out, expect a long term
bull market to begin.
Here is a chart showing what Cigna did in the 12 months after this forecast
was made on 1 July 2002:

Compare the forecast made on 1 July 2002, to the subsequent market

movement over the next 12 months:

Short Term Forecast: One of two scenarios is in play:

Option 1: The high of 109 was the end of the medium

term retracement and the market is about to decline
down into the 42-97 range.

Option 2: The medium term correction is still in place and

the market will peak above 108, although more likely
above 112. Once the market peaks, expect it to decline
back into the 42-97 range.

If the market continues to move down in the next week or

two, then Option 1 will be the most likely scenario.

This forecast was correct: The market immediately

declined to a short term low of 74 before rallying.

Medium Term Forecast: Once the market has bottomed out in the 42-97 range
(although it could be anything down to 10, expect a long
term bull market to begin. This could happen at any time.
 This forecast was correct: The market declined major low
of 44 about 4 months later, before starting a long term
bull run.

CISCO SYSTEMS
There was insufficient historical data to generate a confident forecast.

CITIGROUP (AS OF 1 JULY 2002)

FORECAST FOR CITIGROUP ON 1 JULY 2002

General Forecast: We appear to be within the final wave of a corrective

structure. Expect the market to continue down until
it bottoms out in the range of 16-36, although
possibly much lower. This could happen at any time.
A medium term pattern suggests a bottom out in the
range of 15-28. Once the market has bottomed,
expect it to enter a long term bull market.
Here is a chart showing what Citigroup did in the 12 months after this
forecast was made on 1 July 2002:

Compare the forecast made on 1 July 2002, to the subsequent market

movement over the next 12 months:

General Forecast: We appear to be within the final wave of a corrective

structure. Expect the market to continue down until it
bottoms out in the range of 16-36, although possibly much
lower. This could happen at any time. A medium term
pattern suggests a bottom out in the range of 15-28. Once
the market has bottomed, expect it to enter a long term
bull market.

This forecast was correct: The market declined to a

major low of 22 within a month, before starting a long
term bull run.

CLEAR CHANNEL
There was insufficient historical data to make a confident forecast.
COCA-COLA (AS OF 1 JULY 2002)

FORECAST FOR COCA-COLA ON 1 JULY 2002

General Market Forecast: Expect the market to peak at any time, if it has not
peaked already. Once it has peaked, expect it to decline
and bottom out in the 25-56 range, although that could be
any price under 50. We are currently bearish, but will be
bullish once the market bottoms out.
Here is a chart showing what Coca-Cola did in the 12 months after this
forecast was made on 1 July 2002:

Compare the forecast made on 1 July 2002, to the subsequent market

movement over the next 12 months:

General Market Forecast: Expect the market to peak at any time, if it has not
peaked already. Once it has peaked, expect it to decline
back and bottom out in the 25-56 range, although that
could be any price under 50. We are currently bearish,
but will be bullish once the market bottoms out.

This forecast was correct: The market declined to a short

term low of 43 before rallying, then falling back to a
major low of 37 about 6 months later. The market has
been rising ever since.

COLGATE-PALMOLIVE
Colgate-Palmolive does not display strong enough historical Elliott Wave
behavior to give a confident forecast.
COMPUTER SCIENCE (AS OF 1 JULY 2002)

FORECAST FOR COMPUTER SCIENCE ON 1 JULY 2002

Medium Term Forecast: The market appears to be in the second wave of a

correction. Because it is already towards the end of the
most probable time range to peak, we favor the scenario
that the market has already peaked. Expect the market to
move down and bottom out at a lower low than the
previous low of 30. After bottoming out, expect the
market to move into a long term bull market.
Here is a chart showing what Computer Science did in the 12 months after
this forecast was made on 1 July 2002:

Compare the forecast made on 1 July 2002, to the subsequent market

movement over the next 12 months:

Medium Term Forecast: The market appears to be in the second wave of a

correction. Because it is already towards the end of the
most probable time range to peak, we favor the scenario
that the market has already peaked. Expect the market to
move down and bottom out at a lower low than the
previous low of 30. After bottoming out, expect the
market to move into a long term bull market.

This forecast was correct: The market declined to about

25 about three months later, before turning bullish.

DELTA AIRLINES
Delta Airlines does not display strong enough historical Elliott Wave behavior
to give a confident forecast.
DISNEY (AS OF 1 JULY 2002)

FORECAST FOR DISNEY ON 1 JULY 2002

Short Term Forecast: The market should rally to around 20 or more before
declining to a short term low between 11-17 (although
possibly between 3 and 18). This could happen at any
time now, although most probably more than a month
into the future.

Medium Term Forecast: Once the market bottoms out, expect it to rally up to 37-
59.

Long Term Forecast: Expect the market to bottom out in the 15-30 range
within the next few years.
Here is a chart showing what Disney did in the 12 months after this
forecast was made on 1 July 2002:

Compare the forecast made on 1 July 2002, to the subsequent market

movement over the next 12 months:

Short Term Forecast: The market should rally to around 20 or more before
declining to a short term low between 11-17 (although
possibly between 3 and 18). This could happen at any
time now, although most probably more than a month
into the future.

This forecast was correct: The market declined to about

13 six weeks later, before turning bullish.

Medium Term Forecast: Once the market bottoms out, expect it to rally up to 37-
59.

This forecast appears to be correct: The market is still

rallying. Has reached 21, and appears to be in a general
bull market.

Long Term Forecast: Expect the market to bottom out in the 15-30 range
within the next few years.

The accuracy of this forecast has yet to be determined. It

is still too early to verify this forecast.
DUPONT (AS OF 1 JULY 2002)

FORECAST FOR DUPONT ON 1 JULY 2002

General Market Forecast: The long term forecast is clear – the market will move up
to a high above 60, most probably between 64-90. This
will not happen within a year, most probably several years
into the future.

The medium and short term forecast is not clear.

Different scenarios give different forecasts. The market is
in a complex corrective wave and is difficult to forecast.
Here is a chart showing what Dupont did in the 12 months after this
forecast was made on 1 July 2002:

Compare the forecast made on 1 July 2002, to the subsequent market

movement over the next 12 months:

General Market Forecast: The long term forecast is clear – the market will move up
to a high above 60, most probably between 64-90. This
will not happen within a year, most probably several years
into the future.

The medium and short term forecast is not clear.

Different scenarios give different forecasts. The market is
in a complex corrective wave and is difficult to forecast.

This accuracy of this long term forecast has yet to be

verified. It is still too early yet to verify this forecast.
EASTMAN KODAK (AS OF 1 JULY 2002)

FORECAST FOR EASTMAN KODAK ON 1 JULY 2002

Short Term Forecast: Expect the market to bottom out in the range of 20-25,
although it could be lower. This should happen at any
time now, but may be between 1 and 6 months away.

Medium/
Long Term Forecast: Expect to see the market rally to a new high of 65
(although it may be only 59) or more in the next 2-5
years, although it could be much sooner.
Here is a chart showing what Eastman Kodak did in the 12 months after
this forecast was made on 1 July 2002:

Compare the forecast made on 1 July 2002, to the subsequent market

movement over the next 12 months:

Short Term Forecast: Expect the market to bottom out in the range of 20-25,
although it could be lower. This should happen at any
time now, but may be between 1 and 6 months away.

This forecast was correct: The market declined to about

24 in the next 3.5 months before rallying.

Medium/
Long Term Forecast: Expect to see the market rally to a new high of 65
(although it may be only 59) or more in the next 2-5
years, although it could be much sooner.

This forecast appears to be correct: After hitting the

short term bottom, the market rallied up to 40. It is now
in a retracement, as can be expected. We are yet to see
whether the market hits the expected high.
EL PASO
There was insufficient historical data to make a confident forecast.

EMC CORP
EMC does not display strong enough historical Elliott Wave behavior to
generate a confident forecast.
ENTERGY (AS OF 1 JULY 2002)

FORECAST FOR ENTERGY CORP ON 1 JULY 2002

Short Term Forecast: The current retracement that started in May 2003 is
still in progress. Although it may have already
completed, this possibility is unlikely. It is now likely
to move sideways within a range. It could possibly
rally up into the 41-43 range before declining back
down under 40.5 (although this target may be as low
as a little under 32.) Expect this low to be hit
anytime within the next 3 months.

Medium Term Forecast: This third wave is likely to move up to into the 55-60
range before a major retracement, although it could
be lower than 55. This peak should happen sometime
in the next 12 months or possibly sooner. It could
also take considerably longer than 12 months, but
this is not likely.
Here is a chart showing what Entergy Corp did in the 12 months after this
forecast was made on 1 July 2002:

Compare the forecast made on 1 July 2002, to the subsequent market

movement over the next 12 months:

Short Term Forecast: The current retracement that started in May 2003 is still
in progress. Although it may have already completed, this
possibility is unlikely. It is now likely to move sideways
within a range. It could possibly rally up into the 41-43
range before declining back down under 40.5 (although
this target may be as low as a little under 32.) Expect this
low to be hit anytime within the next 3 months.

This forecast was correct: The market declined to a few

ticks of the minimum possible price before moving up
again. This happened within a month.

Medium Term Forecast: This third wave is likely to move up to into the 55-60
range before a major retracement, although it could be
lower than 55. This peak should happen sometime in the
next 12 months or possibly sooner. It could also take
considerably longer than 12 months, but this is not likely.

This forecast appears to be correct: The market has been

rising for the remainder of the year. It has now reached
54 and appears to be continuing the up-trend.
EXELON (AS OF 1 JULY 2002)

FORECAST FOR EXELON CORP ON 1 JULY 2002

General Forecast: Expect the market to bottom out in the 25-45 range,
although it could be a price under 60. This could take as
long as 6 months, but possibly much shorter. Once the
market has bottomed, it will start a long term bullish
trend.
Here is a chart showing what Exelon did in the 12 months after this
forecast was made on 1 July 2002:

Compare the forecast made on 1 July 2002, to the subsequent market

movement over the next 12 months:

General Forecast: Expect the market to bottom out in the 25-45 range,
although it could be a price under 60. This could take as
long as 6 months, but possibly much shorter. Once the
market has bottomed, it will start a long term bullish
trend.

This forecast was correct: The market declined to 37

within a few weeks, and has been bullish ever since.

FEDEX
Fedex does not display strong enough historical Elliott Wave behavior to give a
confident forecast.
GENERAL DYNAMICS (AS OF 1 JULY 2002)

FORECAST FOR GENERAL DYNAMICS ON 1 JULY 2002

Short Term Forecast: The market has just reached the end (or near the end) of
a short term wave 2 rally. Expect an imminent sharp
decline into wave 3.

Medium Term Forecast: Expect the market to bottom out in the range of 60-82
(although this could be in the range of 49-93). This should
happen in the next 3 months or more, although it could
be much sooner.
Here is a chart showing what General Dynamics did in the 12 months after
this forecast was made on 1 July 2002:

Compare the forecast made on 1 July 2002, to the subsequent market

movement over the next 12 months:

Short Term Forecast: The market has just reached the end (or near the end) of
a short term wave 2 rally. Expect an imminent sharp
decline into wave 3.

This forecast was correct: The market declined sharply

over the next two months.

Medium Term Forecast: Expect the market to bottom out in the range of 60-82
(although this could be in the range of 49-93). This should
happen in the next 3 months or more, although it could
be much sooner.

This forecast was correct: The market declined to 50

within seven months – the bottom end of the possible
range - and has been bullish ever since.
GENERAL MOTORS
General Motors does not display strong enough historical Elliott Wave behavior
to give a confident forecast.

GENERAL ELECTRIC
General Electric does not display strong enough historical Elliott Wave
behavior to give a confident forecast.
GILLETTE (AS OF 1 JULY 2002)

FORECAST FOR GILLETTE ON 1 JULY 2002

Short Term Forecast: Expect the market to make a short term peak anytime,
although it quite possibly has already peaked at 36 a few
months ago. Although the market has not risen as high as
expected, it is starting to run out of time, so expect it to
start declining strongly anytime now.

Medium Term Forecast: Once this short term peak has been reached, expect the
market to move down strongly into Wave C of the DZ. The
target will then become evident. The most probable
target at this stage is anywhere down to 20, but could be
much lower. After this target is reached, the market
should turn bullish.
Here is a chart showing what Gillette did in the 12 months after this
forecast was made on 1 July 2002:

Compare the forecast made on 1 July 2002, to the subsequent market

movement over the next 12 months:

Short Term Forecast: Expect the market to make a short term peak anytime,
although it quite possibly has already peaked at 36 a few
months ago. Although the market has not risen as high as
expected, it is starting to run out of time, so expect it to
start declining strongly anytime now.

This forecast was correct: The market declined sharply

over the next few weeks.

Medium Term Forecast: Once this short term peak has been reached, expect the
market to move down strongly into Wave C of the DZ. The
target will then become evident. The most probable
target at this stage is anywhere down to 20, but could be
much lower. After this target is reached, the market
should turn bullish.

This forecast was correct: The market bottomed out at 27

twice over the next seven months, before starting to
move into a general uptrend.
GOLDMAN SACHS
There was insufficient historical data to make a confident forecast.

HALLIBURTON
Halliburton does not display strong enough historical Elliott Wave behavior to
give a confident forecast.

HARRAH ENTERTAINMENT
Harrah Entertainment does not display strong enough historical Elliott Wave
behavior to give a confident forecast.

HARTFORD FINANCIAL
There was insufficient historical data to make a confident forecast.

HCA HEALTHCARE
There was insufficient historical data to make a confident forecast.
HEINZ (AS OF 1 JULY 2002)

FORECAST FOR HEINZ ON 1 JULY 2002

General Forecast: Unless the market rallies to about 43 within the next
month or so, then assume that it has already hit its wave
B peak, and is on its way down. If so, the likely target is
in the 20-46 range (although possibly as low as 6), and
should happen anytime in the next three years.
Here is a chart showing what Heinz did in the 12 months after this forecast
was made on 1 July 2002:

Compare the forecast made on 1 July 2002, to the subsequent market

movement over the next 12 months:

General Forecast: Unless the market rallies to about 43 within the next
month or so, then assume that it has already hit its wave
B peak, and is on its way down. If so, the likely target is
in the 20-46 range (although possibly as low as 6), and
should happen anytime in the next three years.

This forecast was correct: The market moved down

strongly immediately, rallied, and continued down to a
low of 29. It tested 29 twice over the next 6 months.
HEWLETT-PACKARD (AS OF 1 JULY 2002)

FORECAST FOR HEWLETT-PACKARD ON 1 JULY 2002

Short Term Forecast: Expect a rally and peak in the range of 15.5-18 (although
possibly between 14-20). This could peak tomorrow, but
more likely within 2 weeks. Once this rally is complete,
expect the market to drop quite strongly.

Medium Term Forecast: Expect the market to decline down to the 7-13.5 range
(although possibly any price less than 14), at any time
from now, but most probably within the next 3 months.
Another target predicts a bottom in the 10-14 range (of
possibly any price under 16). Once this target is reached,
expect a major rally.

Long Term Forecast: Once the medium term bottom has been hit, expect a
rally up to 34-56 (or possibly any price between 22 and
66). This target will become clearer as we get closer.
Here is a chart showing what Hewlett-Packard did in the 12 months after
this forecast was made on 1 July 2002:

Compare the forecast made on 1 July 2002, to the subsequent market

movement over the next 12 months:

Short Term Forecast: Expect a rally and peak in the range of 15.5-18 (although
possibly between 14-20). This could peak tomorrow, but
more likely within 2 weeks. Once this rally is complete,
expect the market to drop quite strongly.

This forecast was correct: The market had a short term

rally to 16 within the next few days.

Medium Term Forecast: Expect the market to decline down to the 7-13.5 range
(although possibly any price less than 14), at any time
from now, but most probably within the next 3 months.
Another target predicts a bottom in the 10-14 range (or
possibly any price under 16). Once this target is reached,
expect a major rally.

This forecast was correct: The market bottomed out at

10.5 about 3 weeks later.
Long Term Forecast: Once the medium term bottom has been hit, expect a
rally up to 34-56 (or possibly any price between 22 and
66). This target will become clearer as we get closer.

The forecast appears to be correct: The market has been

rising ever since hitting the medium term low. It is now
at 23 and continuing to rise.