Good Day Traders and Investors. In this technical blog, we are going to take a look at the Elliott Wave path in General Motors ($GM).
The General Motors Company ($GM) is an American multinational automotive manufacturing company headquartered in Detroit, Michigan, United States. General Motors operates manufacturing plants in eight countries. Its four core automobile brands are Chevrolet, Buick, GMC, and Cadillac. In January 2021, GM announced plans to end production and sales of vehicles using internal combustion engines, including hybrid and plug-in hybrids by 2035, as part of its plan to achieve carbon neutrality by 2040. GM offers more flexible-fuel vehicles, which can operate on either E85 ethanol fuel or gasoline, or any blend of both, than any other automaker.
$GM Weekly Elliott Wave Analysis March 5th 2023:
The Weekly Chart above shows the cycle from March 2020 low unfold in a 5 wave impulsive structure that ended at red I on June 2021 at $64.30. The stock then started a pullback to correct the cycle against March 2020 low in an expanded flat structure. This is one of the trickiest structures that the market can take to trap buyers and sellers. If unfamiliar with the flat structure, you can watch this video or read about it on our website. The ((C)) leg of the flat extended past the 1.618% which is normal as sometimes they can extend to 2% and 2.618%. Buyers appeared on July 2022 at $30.33 and a bounce took place. The low on July 2022 came with divergence in the D and W timeframes further supporting the idea of the flat.
We have a bullish sequence against March 2020 lows. So as long as the price remains above the primary low at $14.32, $GM is expected to remain supported. The secondary low comes at $30.33. As long as that pivot is holding in our system, Pullbacks are expected to find buyers in 3, 7 or 11 swings. In the near term, $GM can be nesting and once ready, it’s expected to turn higher.