The GM short trade (Feb 18th $60P) from January 12 was looking, "for a quick double, or more, once the turn back down begins in earnest." Since then, the Feb 18th $60P has been up as much as 285%, although is now up "only" 175%. As the chart below indicates, GM's counter-trend rally looks to be ending, to be followed by a new leg down. Right now I am waiting for a fresh red arrow, a fresh Sell Signal, on this hourly chart to roll-over the current Feb 18th $60P into the Mar 18th $50P, currently trading at 1.95-2.00. Next Fibonacci extension targets are $46, then $34. GM Hourly
