  Electronic Raman scattering in high-T$_c$ superconductors is studied within
the t-J model. It is shown that the A$_{1g}$ and B$_{1g}$ spectra are dominated
by amplitude fluctuations of the superconducting and the d-wave CDW order
parameters, respectively. The B$_{2g}$ spectrum contains no collective effects
and its broad peak reflects vaguely the doping dependence of T$_c$, similarly
to the pronounced peak in the A$_{1g}$ spectrum. The agreement of our theory
with the experiment supports the picture of two different, competing order
parameters in the underdoped regime of high-T$_c$ superconductors.
