the last days of the Fallen Blacksmith's pride shall come.

Fallen Blacksmith is obviously Perrin, but I am unsure what the prophecy means otherwise. Graendal seemed to think that the "last days" meant that Perrin's days were numbered, and he was supposed to die soon. However for the moment atleast, Perrin seems to have escaped alive and is safe.

Strictly speaking though, the last days refer not to Perrin, but rather to his pride. Could this actually refer to the fact that Perrin finally accepts the mantle of leadership. Then again, that does not exactly fit the definition of pride. What else is Perrin proud of?

Okay, I am unsure what this means. There are several potential candidates that come to mind. I have one that I suspect most though.

1.Perrin

Perrin would certainly fit the whole wolf thing, but it seems strange that he would be referred in the prophecy as a fallen blacksmith, and then right afterwards by a completely different title. I also don't know how Perrin is broken? If anything, he has grown stronger and more whole now than he ever has been.

2.Ituralde

Ituralde has been referred to as a wolf in several places, but like Perrin I don't see how he could be considered broken. Not only did he lead a massively successfull defense of the city, and in doing so gave Rand time to come and save it, but he has recently learned that his King is alive afterall. His death might potentially be bad for morale though, if he goes back to the borderlands to fight the trollocs and falls.

3.Hopper

Hopper is a wolf, and he is most certainly broken having been killed by the Slayer. I thought that he might return as a darkhound. He might also fit the whole "Death has known" part since Hopper died once already in the real world. However I simply do not see how Hoppers death could possibly "shake the will of men". Perrin is the only one who even knows of this, and while he is grieving, I don't really see his will being shaken by this.

4.Rand

Rand's death would certainly shake the will of men badly, and cause them to lose hope. However I don't really see how he would be called a wolf. I think Rand is a possibility, considering his importance, but he would not be my first guess.

5.Bashere

This would be my first guess. Bashere has been shown to carry around "The wolf-headed ivory baton of the Marshal-General of Saldaea". And the broken part would be filled by the Broken Crown. Min also had a nasty vision of Bashere, implying that he might be about to die (death has known?). And when it comes to the will of men, Bashere has played a vital role to Rand's efforts. He basically built up the Legion of the Dragon, and is one of Rand's top generals. If he is given command of some vital front in defending against trollocs, and he and his forces fall and are destroyed, that would certainly be a huge blow to the morale of the light.

I have no idea what the part about the "midnight towers" mean. There are the "Towers of Midnight" in Seanchan, but RJ said we would not go to the Seanchan continent in the books. It could potentially mean that the "broken wolf" will be consumed by the Seanchan. Perhaps Bashere falls in a fight against the Seanchan rather than the shadow.

The Death has known is a bit mysterious too. I wonder if it could refer to Moridin, whose name is Death in the old tongue? If so, Rand and Perrin are the only ones who would really have any connection. Rand especially.