GS terminal triangle possible

BATS:GS   Goldman Sachs Group, Inc. (The)
The mood created by this pattern is one normally associated with euphoria. Each sharp break leads to a new high and each sharp break is a little less than the previous. The net result is that the buyers have pushed the stock up to an unsustainable price that once it stops, it trips stops and then triggers a sharp decline to the bottom of the triangle formation. The 1987 stock market crash was multiple "terminal triangles" and created bunched stop loss orders. Terminal triangles are rare and this is a tiny one, but the nice thing about them is you know if you are wrong very quickly and the risk of loss is small relative to the potential reward. GS 124.62 12:10PM EST Mar 28, 2012 By Technical Tim
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I just covered my GS short position here at the opening. There most likely will be another opportunity to re-short GS.
timwest timwest
To assist justifying this trade: Notice that GS retraced to the bottom of the green triangle. Actually, if GS was in extremely weak hands, then it would have fallen faster than the rally, so actually in the long run, it appears that GS is not in as bad a technical condition as was implied to me by this "short-squeeze-terminal-rally-pattern".
Plenty of resistance up at 115-116 to halt any rallies from this deep level of oversold.
This trade went pretty smoothly. I could see it retracing all the way back down to 96-88 over the next few months.
GS appears to be confirming the rising wedge formation...