Short Term Trading Member Forum

[techcharter]

Chris- GE:

It's tough to say. There is a case to me made for limited bull or new bear. The stochastics are getting close to overbought. The wave count from late June to July lows cuold be counted as a 5 wave bearish motive, or 3 wave bull correction. From the July lows, GE has retraced more than Fibonacci levels, this gives gives an unconfirmed bullish bias. The wave off the July lows looks like a zig-zag consolidation in a new bearinsh trend, or waves 1 thru 3 in the last bull rally. A bearish count will break $32.20 without making a new high. A bearish cont will not break $32.50 before making a new july high.


Even if the January highs are breached, I don't see GE rallying the rest of the year.


http://charts.barchart.com/chart.asp?sym=GE&data=Z30&date=071404&den=HIGH&evnt=off&a...