General Motors $GM has been in a correction mode since late 2017 after it peaked just under $47 a share. As it continues to slide, I think we should anticipate some support around $30. GM Daily Chart(click to enlarge)ABC Correction:- The daily chart shows a potentially completed abc correction that started in late 2017 after price peaked just under $47. - The dip since June represents the c wave and it has already satisfied the length of wave a. In other words, length(c)=length(a) Support:- As price action completes the abc correction, it is also pushing towards a rising support.- I think the market will see this rising trendline and provide support for GM at or above $30. - At this point however, we will have to limit expectation for the upside. - I think the $38-38.50 area could be a target for the bullish outlook.- Note that the moving averages are clustered around $38 and thus returning to this level would reflect the regression-to-the-mean type of price action.- I think we will need a break above $40 to establish a bullish outlook, which would have the $46.75 high in sight, as well as open up the prospect of pushing to $50 a share.