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To: IceShark who wrote (19723)	2/15/1999 11:57:00 PM
From: Lucretius	Read Replies (2) \| Respond to of 86076

the press clipping below that I saved could turn out to be more than prophetic (recall that when Prechter called for a bull in the US to begin in 1982, he was laughed at). The most likely reason he has been wrong since 1987 was Easy Al's crazy printing every time the mkt tried to crash. Now Al is cornered, it is OVER. Things are gonna get WILD. ho ho ho Elliott Wave's Prechter Sees Dow as Low as 2365 by Early '99 Bloomberg News Oct 24 1998 7:08PM ET New York, Oct. 24 (Bloomberg) -- The Dow Jones Industrial Average could fall to as low as 2365 by early next year and investors should regard the current rally as a ''golden opportunity'' to get out before the crash, market technician Robert Prechter told Barron's. Prechter -- whom the newspaper described as one of the few prognosticators to predict the huge 1982 rise in the stock market, though he has been wrong about the direction of the market since the 1987 crash -- also said that the Dow could reach a ''triple-digit level'' bottom of between 1000 and 570 by 2003, wiping out virtually all gains since 1974. Prechter, who edits the monthly newsletter Elliott Wave Theorist in Gainesville, Georgia, subscribes to the Elliott Wave Principle, which believes that financial markets and other political and social phenomena are governed by recurrent and alternating waves of investor optimism and pessimism, Barron's said. The Dow fell 80.85, or 1 percent, to 8452.29 yesterday, its first drop in eight days. (Barron's 10/26 22 www.barrons.com) --Joyzelle Davis in the Los Angeles newsroom (323) 801-1263 through the Princeton newsroom (609) 279-4000/shw Story illustration: To graph the DJIA's performance during the past year, enter INDU GP. News by category: Regional news: NI ADVISE Advisers NI US U.S. NI ECO Economy NI GA Georgia NI STK Stock market NI NY New York NI USS U.S. stocks People in the news: Press summaries: WHO ROBERT PRECHTER NI SUM this is also interesting: PRECIOUS METALS ARE FIRMER in what little metals trading exists given the holidays that prevail around the world. The platinum/gold spread has widened quite markedly, while the Silver/Gold ratio has fallen quite sharply. Both "movements" are indicative of a bull market in the metals, and perhaps most importantly of all, gold is testing (and very nearly breaking) the downtrend line that has dominated the market for several months. We have called our clients' collective attention to that trend line for the past two weeks, and we call it to that collective attention again this morning. We find it more than passingly interesting that this trend line is under assault even as the CRB has continued to move to new multi-decade lows. In light of the material weakness in the G-7 bond markets of the past two weeks, we make the simple statement that something material is changing in the capital markets.... that a "flex point" has either been passed or is now in the process of passing that shall prove very material over the course of the next several months.... or years, and that we shall very probably look back upon the 4th quarter of 1998 and the 1st quarter of 1999 in retrospect as a time in which the tectonic plates of the world capital markets shifted: 02/15 02/12 Gold 289.30 287.25 + 2.05 Silver 5.65 5.57 + .08 Palladium 354.00 353.00 + 1.00 Platinum 368.00 361.40 + 6.60 Gld/Slvr Ratio 51.20 51.57 - .37 Gartman Letter 15 Feb 99