GM is filling a huge gap up in the 3rd wave
GM is creating a powerful upside extension pattern after the historic high 46.40 resistance break. It has gapped up after that breakout in just three days with a huge 50-53.50 gap on the third day.
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This gap up is happening in a 3rd Impulsive Elliott Wave higher from the 14.30 bottom. This pattern gap up along with the act that we are in the longest 3rd wave is giving us a high probability trade entry. By using this strategy and the gap up we can build a buying position as long as the price is above 46.80 (yes the gap test could continue for a while and could go deeper even to the 46-48 zone test.
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We have used the combination of the top-down trading analysis to get these key levels explained in the charts.