Short Term Trading Member Forum

[techcharter]

GE ready to drop, AGAIN

I propose a distorted zigzag off Friday's lows. Today's opening was not as strong as Friday's bounce off the lows. There are nearly perfect fibonacci ratios of 61.8% price and 50% time that the zag from yesterday's close to today's close make with the full zigzag.

http://charts.barchart.com/chart.asp?sym=ge&data=Z05&date=062805&den=HIGH&evnt=ADV&a....


there is a larger fib ratio in price. The zizag makes a 38% retracement of the wave 1 from June 17 highs to June 24 lows.

http://charts.barchart.com/chart.asp?sym=GE&data=Z15&date=062805&den=HIGH&evnt=ADV&a...

With a multi dollar selloff looming, forget about going long. If you are currently long, sell if the price breaks out of $34.50 to $35.50 range. A safer short entry point would be the opening. Upside is limited. There is still the possibility of a double zigzag or flat, so breaking below Fridays lows still is not confirmation. Tomorrow should be generally down.