Elliott Wave

Journalism is often called "the first draft of history," and most of us get what that means: News stories appear within hours or minutes of the news itself, so later drafts must compensate for what the first one lacked.

Experienced scholars and researchers also know that really good journalism can make their labors a lot easier. A first-rate news story is a "primary source" that can tell them most of what they need to know. To discover such a source is to find a small (perhaps a large) treasure.

But an even bigger treasure is the primary source that actually anticipated an event -- a singular account which understood events of that day well enough to accurately forecast the next episode. Such rarities are like a "first draft of the future."

The biggest financial story of our lifetime is unfolding now. Countless after-the-fact news stories have described what happened along the way. A lot of "later drafts" are sure to appear soon.

What is already in place, however, is The First Draft of the Future, which truly did anticipate today\'s crisis. And it was indeed written BEFORE the decades-long bullish trend turned lower.