GE looks ready to put on a 3rd wave performance. The chart is telegraphing a plunge soon. Some will say it was due to Argentinean defaults but those really are kind of small to make the DJIA react very badly. Anyway, I picked up a nice block of TZA yesterday (Wed) and I have my stops in place for a very small stop loss if I'm wrong about this chart. But with all of the things I see going on, the odds are rapidly shifting to the short side and after such a big run the herd has to be thinking about that "20% correction" that many have been warning of. So I expect a big correction and then a big vee style "I don't believe stocks can over go down and stay there" rally. But that will be a large 2nd wave (very tradeable to the long side though!) which will bounce to the 38.2% fib, maybe the 50, unlikely the 61.8 this time and then just fall off a cliff.
But that is months out there and we need to stay focused on profiting from the pullback that should be coming right now according to the GE wave count. I don't think GE can go down in a vacuum. If GE goes down, everything goes with it IMO. Time will tell.
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