GE and JPM, Two Ugly Charts!
December 18th 2008 22:19
The DJIA took a header when the news about GE crossed the tape: GE, GE Capital Outlook Changed to Negative by S&P. I took a look at the chart of General Electric (GE) and it appears to me that GE just broke down out of a small hand and shoulders top. The near term target would be about a test back down at the low of mid $12s. (See Chart)
Another chart with much the same awful looking chart is JP Morgan (JP). It, too, sports a head and shoulders top, and a breakdown, IMO, yields a target of down at the last major low, (See Chart).
As far as head and shoulders tops, the DJIA and DJTA both have the same negative formation. If you look at the USD, you'll see a head and shoulder top that broke down from a head and shoulders top and fell about 10% in a week!
Another chart with much the same awful looking chart is JP Morgan (JP). It, too, sports a head and shoulders top, and a breakdown, IMO, yields a target of down at the last major low, (See Chart).
As far as head and shoulders tops, the DJIA and DJTA both have the same negative formation. If you look at the USD, you'll see a head and shoulder top that broke down from a head and shoulders top and fell about 10% in a week!
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