GE, PCLN updates 03/09

GE: Big picture still looks good for that Cycle-2 wave. Price is now right at (very) long term support and it needs to hold or the 76.40% retrace (@ $11) is next. So far this monthly candle looks like a good reversal. Note price on the daily is well-below its 200d SMA. Hence, I cannot recommend buying it until it closes above it. No need to try to pick the bottom, but all the need to be on the right side of the trade 🙂 PS: IF price drops below it’s 76.40% retrace I am seriously going to question if GE will survive. No business lasts for ever and that is why buy-hold-and-hope for ever doesn’t work. Somebody who bought this stock in the 1990ies and still owns it, clearly has no exit strategy and is doomed to fail and loose all his/her money. ALWAYS have an exit strategy in place!

GE

*************************************************************************************PCLN: well, major-5 is now underway. Instead of an abc up, it was a set of nested 1,2 waves. Price is now in minute-5 of minor-3 of intermediate-iii of major-5 of Primary V. Intermediate-iii should ideally target $2291. Minor-3 is ideally close to complete assuming a standard 1.618x extension. But can always extend.

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