General Motors has been added to our portfolio, starting our chart analysis from the COVID-19 low at $14.33. Since then, we've developed an overarching Wave (1) in blue and have also already completed Wave (2) at $26.30, characterized by an Expanded Flat and Zigzag correction. We are now in the midst of the overarching Wave (3), which is expected to exceed both Wave (1) and the local high of $67.06.
The 4-hour chart provides a clearer view, indicating that we are currently near the conclusion of a circled Wave (i). In the coming weeks, we may see a downtrend towards Wave (ii), where the price should stabilize between the 50% and 78.6% retracement levels. The exact positioning of this phase is yet to be determined. Upon the first sign of weakness, we plan to place a limit order.