The Alchemist from the title is later revealed to be the local reference for the Supreme Being. Aside from that, there isn’t much weight to this story. The man in red is still going over the recordings he made of his dreams (middle panel, bottom of the page), while the sprite in the inset deals with a werewolf.

Graphically, it’s got pretty middle of the road art. I really like how the word balloon in the last panel is constructed, though. Very good use of negative space.

(Heavy Metal issue #38, May 1980 – Page 43 The Alchemist Supreme by Godard and Ribera)