Market Snapshots

General Motors Wave Analysis – 12 February, 2020

General Motors Wave Analysis – 12 February, 2020
  • General Motors reversed from support area
  • Likely to rise to 35.65

General Motors recently reversed up from the combined support zone lying at the intersection of the multi-month support level 33.00 (which stopped the earlier sharp impulse wave (C) in May), lower daily Bollinger Band and the support trendline of the daily down channel from January.

The upward reversal from this support area completed the previous long-term ABC correction II from the start of August.

Given the earlier breakout of the aforementioned down channel from January – General Motors is likely to rise to the next resistance level 35.65 (top of the previous wave (4))

 

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