|click to enlarge chart
I am still a bear. GE hit new 6 year low Thursday. We pulled back
into channel end of day. I see that as more energy to go down now.
Perhaps continuation at open to upside. Test underbelly large
channel and/or top of smaller channel then down to the gap with momentum
this time. Upside lots of resistance. The two trendlines mentioned
then into the area we were stuck in before.
3/13/03 Moving closer to target after today test of small
channel and finally breaking and staying under larger channel. Tomorrow
3/12/03 Still looking for gap fill 803. Taking along to move,
consolidating mean powerful move coming.
3/11/03 - Could not hold below the channel.
3/10/03 - Poked channel/ bounced and closed on channel.
3/7/03 - Need to break the channel now.
3/5/03 - No new gaps. Continue to consolidate . I marked off a well formed
pennant with targets for when it breaks usually a continuation pattern. If
so, gap at 803 is near pennant target then HS target 78225. It will have to
break the channel we are now in.
(previous posts had daily bars based on all sessions, future charts will
have only RTH)
3/4/03 - Nothing new consolidating for move. Today spike I don't count
3/2/03 - Technically this may not be a Head & Shoulders "by the book". It
is how is see them. So far its working. Neckline broke and retested twice. I
would prefer the left shoulder be a bit more symmetrical. Trigger was 867 target
is 78225. Perhaps we will retest the neckline again and move sideways for a
while. Sideways action could create a bear flag or sideways channel, filled with
price energy ready to explode for the next move.