Feb 10th, 2010: Comparing Bull and Bear Models
Posted by pugsma on February 10, 2010
5:00pm EST: Since the short term counts are unclear, why not look at a couple big picture charts today. The first one is my bull model, that I’ve been focusing on and refining. And the second one is my bear model (yes I have one). Interestingly both models sport a possile alternate count that could produce new highs in the 1180 to 1230 range come May-June, asumming the 1029 low from Oct 2009 holds up during this current correction. The bear model is a triple ZZ (zig-zag) with the final ZZ complete at 1150 or alternately still in process, again assuming 1029 is not breched.
Daily Bull Model (EOD):
Daily Bear Model (EOD):
4:45pm EST: Here’s the updated 15-min chart. This price action since the 1045 low has been very frustrating to count. It may have formed a large contracting triangle. And it’s at a point where it could pop to 1091 or drop to 1045. I really think it’s about 50/50 at this time. The pivot is 1068, and the key levels to watch for a break-out tomorrow are 1072 up and 1064 down. In the bears favor is that the SP-500 is still withing the pink down channel, so this correction up has not had the power to escape.
15-min Chart (EOD):
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