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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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