Earnings were announced this morning and there has been a sharp sell off so far today.
Price has broken the Rising Wedge bottom trendline which validates the pattern.
There are several more bearish wedges well below price. If price reaches them, the over-supply in the rising wedges will cause another pull back. These RWs are sprinkled over a few years and I only drew the most recent one. The lowest one is at 250ish.
W noted and the 4th leg terminated at the 1.414 fib level.
1.414 is the square root of 2.
Price remains above the .382 on the trend up in spite of the pull back today.
Strong stock, and maybe GS will leave a sexy corpse behind.
Most likely a rocky ride on the way down so fasten your seatbelt!
Price is down significantly today and that can mean a bounce soon.
No recommendation.
"Whenever I'm about to do something, I think, 'Would an idiot do that?' And if they would, I do not do that thing."
—Dwight Schrute, The Office
Price has broken the Rising Wedge bottom trendline which validates the pattern.
There are several more bearish wedges well below price. If price reaches them, the over-supply in the rising wedges will cause another pull back. These RWs are sprinkled over a few years and I only drew the most recent one. The lowest one is at 250ish.
W noted and the 4th leg terminated at the 1.414 fib level.
1.414 is the square root of 2.
Price remains above the .382 on the trend up in spite of the pull back today.
Strong stock, and maybe GS will leave a sexy corpse behind.
Most likely a rocky ride on the way down so fasten your seatbelt!
Price is down significantly today and that can mean a bounce soon.
No recommendation.
"Whenever I'm about to do something, I think, 'Would an idiot do that?' And if they would, I do not do that thing."
—Dwight Schrute, The Office