General Electric ($GE) Longs Are Risk Free

In this technical blog, we will look at the past performance of Elliott Wave Charts of General Electric stock ticker symbol: $GE, which we presented to members at the elliottwave-forecast. In which, the rally from 13 May 2020 low unfolded in 3 wave structure with extended 3rd wave. Therefore, we knew that the structure is taking a form of an impulse sequence & it should see another new high to complete the 5 waves rally. So, we advised members not to sell it & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

General Electric Elliott Wave Chart

Here's Daily Elliott wave Chart from the 7/18/2021 weekend update. In which, the stock is showing an impulse rally higher from 5.13.2020 low where wave ((1)) ended at $8.57 high. Wave ((2)) ended at $5.93 low, wave ((3)) ended at $14.42 high and made a pullback in wave ((4)). The internals of that pullback unfolded as Elliott wave double three structure where wave (W) ended at $11.95 low. Wave (X) ended at $14.40 high and wave (Y) was expected to reach $11.92- $10.39 blue box area from where reaction higher was expected to take place.

General Electric Elliott Wave Chart

Here’s the Daily Elliott wave Chart from the 7/25/2021 update. In which the stock is showing a reaction higher from the blue box area. Right after ending the double three correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long positions at the blue box area. However, a break above $14.42 high is still needed to confirm the next extension higher & avoid double correction lower.

Source: https://elliottwave-forecast.com/stock-market/general-electric-longs-risk-free/