Elliott Wave View: General Electric (GE) Has Further Downside inShort Term Elliott Wave view in General Electric (ticker: GE) suggests the rally to January 13 high at $11.91 ended wave (3). The stock is now in wave (4) pullback and the internal is unfolding as a double three Elliott Wave structure. Down from wave (3) peak, wave ((w)) ended at $11.25, bounce in wave ((x)) ended at $11.65, and wave ((y)) lower ended at $10.87. This completed wave W in higher degree.
Stock then bounced in wave X which ended at $11.33 as a zigzag Elliott Wave structure. Up from wave W at $10.87, Wave ((a)) ended at $11.18, and wave ((b)) pullback ended at $11.11. Wave ((c)) higher ended at $11.33, which completed wave X. GE then turned lower and broke below wave W at $10.87, suggesting the next leg lower has started. Near term, while rally fails against $11.33 in the first degree, expect further downside in the stock. Potential target lower in wave (4) is 100% – 161.8% Fibonacci extension from January 13 peak which comes at $9.65 – $10.29. Once the stock completes wave (4) pullback, it can then resume higher again in wave (5) to a new high above wave (3) at $11.91.
GEC trade ideas
GE long in to earningsGE typically trades with air lines and BA as the main provider of turbines etc. but this year I believe GE will be an epic turn around story.
I like GE for MANY reasons but as the new administration comes in with a focus on clean energy we know GE will be a huge player when it comes to wind energy. I don't believe this is factored in to the stock. Internally, there's also major turn around going on and the new leadership's changes are just now starting to gain traction. This entry point should be good for both long term holds and short term trades.
$GE 2021-JAN-14𝙄𝙎 𝙂𝙀 𝘼 𝙂𝙊𝙊𝘿 𝘽𝙐𝙔?
With it's latest round of earnings due in 2 weeks, GE has broken through back above it's prior support. For a chart that has long been in decline, this rounded bottom offers a lot of positive signs for a powerhouse brand. It should be no surprise, as the new US administration starts to take shape, that some of the renewable investments made by GE over the last few years are set to pay off.
From a more technical standing, the recent retest helped reset the RSI which gives the mid term growth more room to breath. The rising trend is quite sharp, and usually we would expect this to shallow out - but this market is bubbling over right now so tried and true rules need not apply.
General Electric, Buy position at $8I see a reversal taking place, against a bearish long-term trend.
TP 1 will possibly hit.
TP 2 will take a long, long time to hit
TP 3, I honestly think, will not hit for at least 5 years or something.
If you are a short term trader, take profits at the Red Resistance line at $18.55.
If you manage to catch a long at $8.09 and take profits at $18.55, you should walk away with approximately 132% return on that trade, after factoring in spread costs.
I haven't included holding charges for holding stock, if you are leveraging.
I see this as a high risk stock *it has lost a lot of it's market capitalization over the years*, quite volatile, so would use a low lot size, or avoid leveraging for good risk control.
-Divit-
Which way for GE?Pivotal moment for GE as we see the GoNoGo Oscillator on the daily chart riding the zero line now for some time now as highlighted by the climbing grid of the GoNoGo Squeeze.
We will watch to see if there is support here and if the oscillator can break out of the squeeze into positive territory which would be bullish for price. If the oscillator is unable to find support at zero, and breaks down into negative territory this could lead to a change in trend above.
Perhaps, if an investor is looking to take profits, a look at the shorter term chart can be valuable. The 4hr chart on the right shows that in the shorter time frame the GoNoGo Trend has already detected a change to a “NoGo” trend. This came a few bars after the GoNoGo Oscillator was unable to hold the zero line.
$GE - golden cross$GE golden cross coming soon. It is a pattern I enjoy playing. No chart pattern or chart indicator is a guarantee.
Golden crosses on the horizon (within 1-35 days)
AA - I want in, but afraid
BAC
BOX
CARS
DBX
GE - Im in
HAS - Im in
LYFT
MLHR
MMM - Im in
NTAP
NTR - Im in
URG
WB
NNDM - Im in
ADS
BA
C
CONN
COTY
CRON
CSCO
EBIX
GNUS
JWN
M
MIXT
MO
NCLH
PSEC
SPG
UAL
WTFC
SPYD
EEFT
FNB
BNS
Recently golden crossed and no where near entry or entry is still good to play the golden cross
OLN
RVLV
AXP
IMMR - Im in
DFS
EXPE
F - Im in
FBC
FCEL - Im in
IDEX
JPM
MET
MOS
STT - Im in
ULTA
WEX
Personal plays and cashed out today on golden cross:
IDEX +50%
MET +27%
ULTA +18%