2-year Harmonic Bearish Bat at PRZ around $160, on higher highs grinding out over major negative momentum divergence
Could either be forming a Bullish Gartley or a Bearish AB=CD. price action next week will tell which one it is.
I am bullish on the financials due to the massive blows they all received in 2008. Most retraced to their IPO price or even lower. I would look for GS to start blowing through the roof soon. Look at my daily GS chart to go along with this one.
Overall, GS looks bullish, in this Wolfe Wave (along with medianlines), there seems to be a potential trade to short GS into Wolfe Wave point 5. This region is also confirmed with using Median lines. From this point 5 on, we can expect to see price rally. If not confident, an alert can be set for the price levels in the target region, which will be a good point to...
- Bullish MA crossovers - Trending RSI - Price target of $18.03 - Buy above previous high - Use previous high, after buying, as a stop position
Price closed below the pennant of the bear flag. Look for continuation.
Bear Flag on the daily. Two possible ways to play: 1. Short at the break of pennant, which is also the area of a rising trendline. 2. If price bounces, watch the top of the pennant, which coincides with the 50 SMA of 154.36. Failing to break above and hold the 50 day would provide a low risk opportunity to short with a stop at 155.
Just eyeballing this it looks like GS may retrace to $130 $XLF $BKX
Waiting for PB to reenter!! All JMHO!!
I MESSED UP on DIVERGENCE. Ignore the chart.
Last call hit the target price $146.60 and price failed to hold now. Last few sessions it tried to reclaimed it but failed. It looks the price is heading to the South now and this pattern has a measured move to $134 area which can be achieved within 4 weeks. Option traders can consider May time line. Join us www.woowtrading.net
Goldman Sachs has a double top drawn right in the PRZ of an bearish bat. If the reversal pattern will be confirmed by a close under the 147.00 support we might see the uptrend line retest near the 135$ per share level. The harmonic pattern's targets are at 38.2, 50, and 61.8 retracements.
is the overall market bullish ? YES....... does it appear toppish ? YES !............ High beta name Goldman Sachs has rallied since summer 2012 ~ +75% and from the last consolidation period Nov/Dec ~ +40% . That is very very impressive , chapeau ! Pure coincidence there is a perhaps a meaningless Fibonacci price and time extension knocking at the door,...