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Are the markets ready for a brand new (down) beat? Pop culture is
IN 1985, WHEN Mick Jagger and David Bowie sang "the time is right for dancing in the street," Robert Prechter asserted they were talking about Wall Street.
Prechter is the Gainesville, Ga., author of "The Elliott Wave Theorist" and the street's foremost proponent of the theory that the market reflects social mood.
In a recent report, "Popular Culture and The Stock Market," Prechter compiled eight years of analogies, drawing a link between the rhythm of the market and the rhythm of the culture.
He argues that, in the summer of 1985, Jagger and Bowie were grooving to the beat of the masses' net mood with "Dancing in the Street." Prechter's Elliott Wave analysis concurred, predicting the culture's …