My work continues to indicate that all of the action in General Electric (GE) off of its December 4 high at 16.49 into Thursday’s low at 15.09 represents a correction of the prior advance from 14.15 to 16.49.

Today’s powerful advance argues strongly that the corrective period is over and that GE has pivoted into a new upleg, which if accurate means that (1) the stock should head for a retest of 16.49 on the way to 18.00 and (2) that prices should NOT break below 15.09 again anytime soon,



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