GE - snaps lower, confirming a wave'2

General Electric (GE) snapped lower today, confirming a giant bear flag - which is arguably the wave'2 that I had been suggesting on the main indexes. GE closed 3% lower @ $21.02. There is likely to be some follow through to the downside in the days ahead.


GE, daily

Summary

The GE chart is a very clean chart in terms of waves. It is trading very much in line with the main market, but today displayed some particular weakness.

The snap lower confirms what is surely a giant bear flag, aka, a wave'2. A stronger wave'3 to the downside should take out the recent low of $19.87.

First target would be $19, and then 18. It will be difficult to go much below 17, without the sp' in the very low 1200s - which right now is a considerable way down.