Fibonacci Retrace

GE has seen a huge squeeze up on huge volume and a positive earnings beat. The top of the trend has been clearly marked with a shooting star inverted hammer. I would also like to note that GE saw huge volume in options contracts on Tuesday with nearly 300,000 contracts being traded in what looked to be a covered call at the 35 strike price. I expect GE to retrace to the .5 or .618 level which would give me a target of 26.90 and 26.25. Long term I think GE will continue to rise, but as of now GE looks poised for a slight retrace.

Thanks for viewing and please drop some comments.

-Ryanhasoptions