Bipolar disorders question our representations of melancholia and mania. Beyond psychiatric diagnosis, the issue is to identify the intrapsychic processes underlying bipolar mood disorders. Can projective tests contribute to the understanding of bipolar disorders? How can the intrapsychic work of melancholia and mania explain bipolar disorders? This paper studies the Rorschach and TAT protocols of a 16-year-old girl hospitalized due to an acute mood episode. Projective tests show that the depressive and manic symptoms cover a massive difficulty to cope with object loss, which suggest a borderline personality. However, Marielle is able to gain narcissistic benefits thanks to her masochistic investment.