My thesis is that the stock market has been in a bear market since 2000. There have been two substantial bear market rallies in stocks and subsequent reflations in the system. The first was from October 2002- October 2007, and the second has been March 2009 to the present. I maintain that both of these rallies have been bear market rallies within an ongoing secular bear market. The fact that both rallies have taken nominal prices to a new all-time high does NOT negate the secular bear market thesis. Both, however, have indeed gone to new highs in nominal terms.
Now to my discovery. Using intraday prices the 2007 high at 14,198.10 moved 20.83% above the 2000 high of 11,750.28. Often times, the market will exhibit symmetry, especially between waves A and C of a correction. In this case, however, the market has achieved symmetry between two B waves of differing degree: primary wave B, and cycle wave b, respectively. An addition of 20.83% to the 2007 high yields 17,155.85. This in and of itself makes for a very interesting juncture at the moment, given that the market recently registered an intraday high of 17,151.56 on July 17, 2014. But, this becomes even more interesting when considering the 138.2% retracement level (a common stopping point for b wave rallies) of the 2007-2009 decline comes in at 17,150.25. Concatenating these two price relationships yields a price cluster of between 17,150.25 and 17,155.85. The current top is within within 0.08% of the lower target, and within 0.03% of the upper target. Also of note, the day of the intraday high, July 17, was also the particular day the market topped in July of 2007, before downtrending into an August low and staging one more rally before the final top in October of 2007. Very interesting to say the least.