THE LAST WAVE is never going to win over the mainstream audience. It is a slow-moving but fascinating film for those who are willing to go along with it. An Australian properties lawyer is asked to take on the case of five aborigines accused in the murder of one of their own. All sorts of portents and omens soon pop up, as the man's death involves a tribal issue that was not meant for white man's court, and pretty soon the lawyer is having trouble distinguishing reality from fantasy. It looks like the end of the world may be at hand, and he and the aborigines may know this but no one else does. Richard Chamberlain as the lawyer is at his peak here. David Guptil, a familiar face from several other Australian flicks and a decent actor, is one of the five aborigines on trial. THE LAST WAVE is simply not for everyone, anymore than is MAGNOLIA (both happen to have strange things falling from the sky). Check it out on a slow Saturday night.