GS, Goldman Sachs Chart Update

Goldman's share price often leads the market, simply by virtue that it's "the" financial stock and financials have been "the" sector for years now. 

On February 19, we posted this chart of GS:

At the time, we wrote: "Market bulls should view this with serious concern.  With the green lines in the chart above we illustrate a massive "rising wedge" pattern which should soon break down.  Upside momentum measures for Goldman Sachs are currently at decade-long extremes.  Probably it'll meet the black uptrend later this year."

It so happens that was the exact top, and the Goldman Sachs chart now looks like this: 

A chart of the overall market should soon look the same, and we remain confident that GS will connect with its uptrend (in black) later this year while the DJIA proceeds to drop at least 800-1000 points from its recent highs.

Here are some recent posts detailing why we believe so:

Market Update

Sobering Stats, DJIA RSI Suggests Imminent Plunge

Fractals Are Fun

Fun With Fractions and Coincidences

DJIA RSI Update, VIX Update & Random Notes



Neat:  Car that runs on air and water.




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