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GE Elliott Wave Forecasting Buyers At The Blue Box Area

Mar. 04, 2021 11:14 AM ETGeneral Electric Company (GE)
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In this technical blog, we will look at the past performance of 1 hour Elliott Wave Charts of General electric ticker symbol: GE, which we presented to members at the elliottwave-forecast. In which, the rally from 27 January 2021 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

GE 1 Hour Elliott Wave Chart

Above is the 1 hour Elliott Wave Chart of GE from the 2/26/2021 Pre-Market update. In which, the stock is showing a higher high sequence from 1/27/2021 low cycle favoring more upside. While the rally from that low unfolded as an impulse structure where wave (1) ended at $11.98 high. Down from there, wave (2) pullback unfolded as a zigzag structure where wave A ended at $11.78 low. Wave B bounce ended at $11.86 high and wave C ended at $11.51 low.

Up from there, the stock rallied in another 5 waves & completed wave 1 of (3) at $13.35 high and made a pullback in wave 2. The internals of that pullback unfolded as a zigzag structure where wave ((A)) ended at $12.66 low. Wave ((B)) bounce ended at $13.12 high and wave ((C)) was expected to reach the $12.43- $12.01 100%-161.8% Fibonacci extension area of ((A))-((B)). From there, buyers were expected to appear looking for further upside.

GE 1 Hour Elliott Wave Chart

Here’s the 1 Hour Elliott Wave Chart of GE from the 3/03/2021 Midday update. The stock is showing a strong reaction higher taking place from the blue box area after ending the zigzag correction at $12.41 low. And breaking to new highs as expected. Allowed members to create a risk-free position shortly after taking the long positions at the blue box area.

Source: https://elliottwave-forecast.com/stock-market/ge-forecasting-buyers-blue-box-area/

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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