Hello everyone. In today’s article, we will look at the past performance of the 8 Hour Elliott Wave chart of General Electric Co. ($GE). The rally from 12.16.2022 low unfolded as a 5 wave impulse. So, we expected the pullback to unfold in 7 swings and find buyers again. We will explain the structure & forecast below:
$GE 8H Elliott Wave Chart 9.25.2023:
Here is the 8H Elliott Wave count from 9.25.2023. The rally from 12.16.2022 peaked at black ((3)) and started a pullback to correct it. We expected the pullback to find buyers at ((4)) in 7 swings (WXY) at $110.05 – 105.33.
$GE 4H Elliott Wave Chart 10.12.2023:
Here is the 4H update from 10.12.2023 showing the bounce taking place as expected. The stock bottomed at $107.07 and reacted higher after reaching the extreme area allowing longs to get a risk free position. We expect the stock to continue higher in wave ((5)) and break above July 2023 peak before a pullback can happen.