Goldman Sachs chart led down and also ready for bounce before next large wave down

Goldman Sachs (GS) actually did a sort of stealth, unheralded topping out ahead of the broad equities markets - interesting if only because some have referred to it as "the most important stock in the world". I cannot speak to that, but it's obvious from the charts that its rally from the lows is probably the best of any. Today it tested and closed back above the $166 level which was the preliminary bearish P&F target; so I mentioned that test in a tweet today. That test plus the wave pattern and look of some indicators suggest that Goldman Sachs is due for a bounce. It'll be just fine if it coincides with a "wave 2" bounce in equities indices this week. But it's probably going to be a good selling opportunity in GS stock. Notice that the default P&F chart is now showing a revised, lower projection to $150. That's only $20 down from where it closed, but will make a nice, bigger move down from a higher "wave 2" level assuming we do indeed see a good bounce over the next several trading days.