My medium-term work argues that General Electric (GE) has unfinished business on the upside to at least 17 and perhaps to 19 in the upcoming hours/days. In addition, my near-term pattern work identifies Nov 4 as a powerful cycle turn (up), which if accurate means that the upmove from 14.15 to last week’s high at 16.29 likely completed the first upleg in a new bull leg, with the Dubai Shock representing a correction of the initial upleg.

If my interpretation of the pattern proves accurate, then GE is now in the early portion of the next upleg off of Nov 4, which projects to 16.65/75 next, on the way to 18.00 thereafter. Only weakness that breaks the spike low from last Friday at 15.30 will invalidate my current outlook.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.