Chart of the day

Where do we stand fundamentally?

Net income was slightly higher in 2023 like the sales but not fundamentally different when we adjust for the inflation and $ depreciation. Overall market is on the verge of a reversal down and GM could be greatly affected as consumer spending is much lower which could drag car demand lower.

GM reached 46.70 and it is reversing down from it. This is a complex ABC Elliott wave correction in a second wave upside which is not finished yet and we could have a pullback to 33 again.

We are seeing the reversal and a break below 43. A break above 47 is required for an upside continuation. A confirmed break below 43 will lead to a deep fall into 35.

_{Look for the short trade entries with a stop loss above 47. I see this as an ending consolidation before a big fall and a test of the important 33 support level.}