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/