The Chart du Jour

Short Strokes after a Long Run: GE

September 20, 2000

By, Barclay T. Leib

We usually do not drill all the way down to talk about hourly chart formations, but once in a while we see something so compelling to make it worth doing so. Hence we show the 60-minute chart of GE below that sports an almost perfect looking Elliott wave pattern into a completed 4th wave, with a final minor 5-wave pop to now ensue. This rally should make marginal new all-time highs for GE just above $61, set off a few last buy-stops, and then be followed by a severe downside collapse.

Chart produced using Advanced GET End-of-Day

Just take a look at the monthly chart of GE below. Can GE possibly be worth 15 times its value just a decade ago? It's earnings have certainly not expanded at anywhere close to that pace. Let's not even mention that their balance sheet is now far more levered with debt than it has ever been in the past.

GE has made a long parabolic run, but it's almost over, and when they take out GE to the downside, then a true bear market will be upon us.

We'd guess up big ($4 or so) into Thursday to finish our final 5-wave hourly advance, and then down big thereafter. GE may be the last of America's favorites (together with Sun Microsystems) to put in a top, but this top is extremely close at hand.

Chart produced using Advanced GET End-of-Day

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