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Recovery Bounce for GE
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.
