glennmercer
Short

Sell GE: Wolfe Wave & Bearish Crab - Perfect Confluence!

NYSE:GE   GENERAL ELECTRIC COMPANY
GE             has completed a bearish crab pattern in the optimal sell zone for a short Wolfe Wave trade. There is significant bearish divergence in addition to an overbought RSI which add to the bias toward the short side. Two missed weekly pivots sit below price as well, which may help drag the price down. Stop loss can be placed above a significant S/R level while maintaining a substantial R/R. The higher probability target is the . 382 retracement of the xa leg at 25.24, but a more aggressive trader may chose to target the 1-4 target line.

Confluence in the PRZ:
1. 1.618 extension of XA ( bearish crab pattern completion)
2. 1.786ab=cd
3. 1.618ab=cd
4. .886 XA
5. 2bc projection
6. Overbought RSI
7. Bearish divergence

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