Not sure we need to look too long and deep for an explanation for Merry's dream/vision. Though Tolkien may not have read much on the topic, he - like most - are aware of how dreams work. If Merry were in a semi-sleeping state, and the Barrow Wight was 'talking 'bout the glory days,' these thoughts could have taken shape in Merry's dream state. Like when you watch a movie and later that night you dream of something from the same.
The Wight was most likely chanting about the good old days when they slew the King of Cardolan, and Merry, hearing this, dreamt of the same. Any small discomfort in his chest area could have been dreamed as the spear-thrust, like when your legs are in a cramped position and you dream that you cannot run.
Sure, it's a magical world, and so we can add to this explanation, but needn't need to.
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There is naught that you can do, other than to resist, with hope or without it.
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