The shares price of General Electric dropped a couple of weeks ago when it broke the T1 trend line.
This current correction comes after a 5 wave rising move that started in early October 2011 and ended in March 2012. The 30M volume (march 16th) was the largest in the last 6 months and it contributed to the creation of the local top at $20.23.
The previous analysis (http://markettechnicalview.blogspot.com/2012/03/general-electric-ge-rising-wedge.html) stated that the $19.50 level is critical and now it is acting as a resistance. On the short term (the last couple of weeks) a bullish channel has been created that seems to be a corrective move.
The target zone for the next period is in the $17.20-$18.00 zone.
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