Bullish on Sothebys [BID]

One can imagine a number of "fundamental" scenarios in which a bidding house might do well.  One such scenario would be that the debt Ponzi continues to grow per Avi's 3rd wave scenario as paintings and such get sold for higher and higher ridiculous sums such as this.  Generally these overpriced art auctions are signs of economic peaks.  And in fact many contrarian analysts are pointing this out right now.

But EW analysis of the Sotheby's chart strongly suggests that its recent bear market where it declined from $54 down to its current price of $29 is now at or very nearly at an end.  And when this 3 wave move is considered within the broader wave count, it looks like the E wave of a much larger HT, one which appears very likely to move to higher highs over the next 12+ months.

How, I wonder, can this possibly occur in EWI's hyper bearish top level count?  Maybe they make bank in the liquidation phase of the Ponzi for all I know.  But BID seems like a very good play for people who desire to buy and forget for several months at a time.

Note the following:

• This really needs to turn upward very soon.  A fall below red C would be a huge blow to this model and a fall below red A would destroy it.
• Conversely, a move above the lower rail would be a clear buy signal and even more so if the move happened with gusto and then back tested the lower rail from above.
• Top level models are all great an everything but the trader must always putt for dough.  Even though it is not my primary model to do so, this can extend downward just like anything else.