Goldman Sachs shares are near a major top. Time to sell

Expecting a bounce in EURUSD in order to sell
November 4, 2015
Gold daily analysis
November 10, 2015

Near the end of September 2015 I mentioned through twitter that $GS was about to make a final 5th wave downwards and then pull back up in a 3 wave corrective formation towards the 61.8% Fibonacci retracement of the decline.

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Again in October 26th I tweeted that the upside correction was not over and we should expect prices to move higher towards the 61.8% Fibonacci retracement.

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After a 5 wave decline and a three wave bounce we usually see a reversal at the 61.8% Fibonacci retracement. As in this case we are right at the 61.8% Fibonacci retracement and bulls should be very cautious. GS has reached an important price level where I would not be looking to go long but instead I would be looking for price patterns of weakness and then I would start opening short positions.

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With RSI and full Stochastic Oscillators at overbought levels last seen when price was at 200-210$ before the steep decline to 170$, I have GS at my list for short trades. I now expect a trend reversal from current levels that will eventually break the September lows.

As always, thank you for taking the time to read my latest post.

 

 

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.