The financials are slipping but Goldman Sachs in particular is well-positioned to keep its decline orderly. Following up on my previous post on GS, it looks like it's continuing on the path of a fourth-wave pullback as Tony Caldaro has marked on his Objective Elliott Wave charts (at his OEW site - in the sites list at right, thanks again Tony!). The default P&F chart shows that the derived price objective moved down now, from $155 to $146. That's not exactly earth-shattering. Once it finishes the fourth-wave pullback, then it's projected to a new fifth-wave rally high (not necessarily a new all-time high but could be). It will be after that that a deeper correction might occur - but that's well in the future. First GS needs to finish this correction, which should take a number of days yet.
The rising 200-day moving average would typically provide support which may be around that $146 level. But Elliott Wave principles also suggest that the pullback could go to about $135, the area of the previous smaller-level wave 4. It should also be remembered that this correction could become a triangular or complex move - so don't assume that, even if it drops more soon, that GS will go straight down. It could become triangular or complex. Whenever the correction completes, GS should be oversold enough on the RSI indicators that it should later rebound well when it's ready to reverse again and go back up.
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