Short Term Trading Member Forum

[techcharter]

GE Ewaves and other TA

GE has been in a corrective wave (double zigzag) since the July lows. Wave b of the double zigzag is a triangle. This signals the next advancing wave will be the last. wave c began last friday. It too is a double zigzag with a triangle separating the zig and zag. Tomorrow all the degrees of wave from the July low should finish, testing the $30.50 area.

http://stockcharts.com/h-sc/ui?s=GE&p=D&yr=0&mn=2&dy=0&id=p87917302788

Other TA shows the stochastics overbought, the MACD roling over, and the MACD difference declining since the triangle began. A major indicator is the volume since it has been steadily declining since the July low. The declining volume indicates the rally does not have the strength to last a long time.