the main course

[Doug Henwood]

For the connoisseurs of disaster, here's the latest word from the 
Robert Prechter shop <http://www.elliottwave.com/>. Prechter is the 
guru of Elliott Wave analysis, a mystico-structural analysis of 
financial markets developed by a retired accountant in the 1930s. 
Prechter has largely withdrawn from public view, but his acolytes 
continue to pump 'em out. Here's the nut graf from the latest, out 
today:


>As last month's EWFF plainly stated, "the near-term
>wave pattern, along with the downward pressure of
>longer-term cycles, has restarted the bear market." In
>April, the bear swallowed 4.4% of the Dow, 6.1% of
>the S&P 500 and 8.5% of the NASDAQ. It was the
>Dow's worst April in 30 years. This was just the
>appetizer. The coming months should bring the main
>course.

The front page of the issue, which gives all the wave counts from the 
"grand supercycle" to the "intermediate," reports that a "depression 
[is] underway," and "U.S. survival" is at stake.

Doug