Goldman Sachs flirting w/ a top-top cycle and the dreaded neckline
w/ the breaking of the red trend line from 2009 and the neckline at 170 believe GS will be in trouble w/ this occurring.
it very well could go higher and attack my upper target, but just not sure if it’s going to get there … we’ll see.
keep any eye on this one .. first confirmation is a break (daily/weekly close below) of the red trend line and then the neckline around 170. that should put tremendous pressure on the GS bulls, so to speak.
also, note the high-high cycle that is working since the IPO. this “balances” the chart very nicely. my thesis, for now is we are moving back down RIGHT TO LEFT off that first high from the early 2000’s and a PERCENTAGE CORRECTION of that magnitude is a minimal first target if/when we break trendlines mentioned above.
just an FYI .. that “percentage correction” is roughly 122 to 58 or 50% ….so the low 100’s isn’t out of the question.