In May, we saw GE fail to complete an inverted head and shoulders pattern. We assessed that the failure of GE to complete this bottom suggested further downside towards $10, and this bearish scenario is materializing. GE Daily Chart(click to enlarge)Bearish Continuation:- Since the failure to clear $15.40, price has now retreated to the 2018 low around $12.90.- Note the $14 mark acting as a resistance pivot, which further confirmed the bearish outlook.- With the prevailing trend being bearish, and with such recent bearish bias, I would not rely on the support here.GE Booted from DOW, Walgreens to take spot- We have news that the Dow Jones Industrial Average will drop GE. Meanwhile, it is placing Walgreens Boots Alliance Inc. (WBA) on the index. - This is going to be another drag on GE.- Looking at the weekly chart, we are in the middle of a sharp decline and it looks like we might get back to the 2009 lows, which is around $5.50. $6.00 is therefore in sight.- With the long-term weekly chart showing lower highs and lower lows, we shouldn't be surprised if price breaks below $5.50 into new lows not seen since the early 1990s, around $4.00. GE Weekly Chart(click to enlarge)