Browse Stacks: Analytics: GS_Daily_June102015.jpg

GS_Daily_June102015.jpg

I'm going to tempt the wrath of the market gods with this one (I know you're paying attention Goldy!) 

From a purely technical perspective, GS is at an extreme bullish point. 

The case for being bearish Goldman: 

1. AB=CD off the April 2014 swing low completed (209.10) 

2. 1.618 fib projection off that April 2014 swing low completed today (June 10th) at 212.89 

3. We have short-term slow stochastic divergence on the daily (12,3 setting) with a drop under extreme bull level (80+ is extreme). 

4. Medium term momentum as measured by the 34,5 period SMI is also showing some divergence, but is still in extreme bullish range (40+) 

5. On the Monthly chart, fib pattern traders could argue that goldy has completed a Gartley pattern. 

Either way, I would not be adding to long positions (at the very least). I would be watching for price action to tell us it's time to short.

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