Continue on the GM subject:

 1.      Weekly trend is down

2.      Daily trend is down to reverse and trying to establish bottom.

 All of the above is limiting upside potential to about $37.5.  Are there better stocks to be long? Probably, but you need to consider clarity of the cyclical picture.GM is cyclical stock and this is a type of stock you want to trade using Hurst channels.  We can see a very well defined 10 to 11 weeks wave and 20 week wave. These are the nominal waves very close to ideal waves as mentioned by Hurst. Today’s move is the beginning of the 10 weeks or 50 days wave. There two 10 weeks waves in one 20 week wave. So we are right in the middle of the 20 week wave and unless trend is changing it is soon to top out. The 10 week bottom was right on time GM retraced about 50% (tcp.fibe) of the 10% swing and reversal happen to be on the 1:2 Gann Fan line.

 Considering this all we could (if we did not buy GM last Friday or this morning) go long on the pull back which I expect to happen no later then this Friday 05/29/2003.