In the above chart , a wave B of corrective ABC pattern is forming. Corrective B wave is expected to reach from 34.25(Bottom wave A) to 36.07 / 37.33 ( 50% to 78.6% retracement of wave A). B wave is expected to make three smaller abc wave .Currently market is at a price of $ 35.75. It is expected to reach at $34.75(61.8 % retrace ob wave a) to complete wave b. Wave c is expected to begin at 34.80 and ends between 36.07 / 37.33 which inturn completes corrective B wave.
UPDATE: 27th APRIL
GE made the corective B wave and touched target 37.20. But it took few more trading days to form this pattern. If you see, GE made a upturn after making double botoom and small bullish gartley patten. IF a gartley form after strong sell-off, this is a strong indication of trend change.
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2 comments:
GE is expected to form 3rd wave of corrective B wave. As discussed, it has found support at 34.80 area and trading higher into 35.40 area. But GE is not moving higher with high volume. Inorder to make a 3rd wave, it is expected to reach at 36.35 and then 37.10. Watch out price during today trading hour. If it goes up, hold till it reaches at least 36.
GE did not move as expected. It has certainly found support at 34.80 and traded into 35.40. But it is not going higher to make a c wave of corrective B wave. Rather it is consolidating near 35.00-35.20 area. Chances are that GE will be consolidating in the above said area to make a solid pivot and then trade to 36 and 37 level. If, GE trade below 34.80 then chances are that it will go to 33.90 area, nearest bottom level
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