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For anyone watching the travails of General Electric (NYSE: GE) lately, my near-term work argues that yesterday’s low at 14.35 ended the downleg from the 16.91 high from October 14. As of this moment, the lift in GE to 14.75/80 so far should be viewed as a recovery bounce within the confines of a 6-week correction that has an optimal target zone of 15.15/40 – at which point GE will be at crossroads technically. A downside pivot reversal from 15.15/40 will argue strongly that GE remains within the grasp of a larger, incomplete corrective process that should revisit 14.35 – and perhaps 14.00-13.75 thereafter. Conversely, a sustained rally that hurdles 15.40 will trigger signals that GE established a major low at 14.35 and is heading for a retest of 17.00/50.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
