Stock market today: S&P 500 in weekly win as Fed shakeup stokes rate-cut hopes
I know it is hard to change a nickname after it has been given. How many of your friends from college with names like Spit or Two Thumbs do you see when you are in your 40′s and that is the only name you can remember. Not Bob or John….. but Spit. So forgive me for trying to correct that catchy nickname for Goldman Sachs (GS), the Vampire Squid. It is not that I do not like it, but rather that it conflicts with Goldman’s true identity as a Bearish Deep Crab. The chart below shows how the Harmonics have been playing out in Goldman since mid July. The Deep Crab carries a Potential Reversal Zone from 169 to 173 so it has a lot of room to play out to the upside still. 
Often smaller scale patterns will play out in the broader formation and this is the case for Goldman as well. The current leg higher is creating a 3 Drives pattern. This would indicate a pullback to the 135 area likely before the last push higher to 170 reaching there around the beginning of April. The two fit together quite nicely. The ultimate result of these patterns playing out would be a reversal at the 170 area back towards 120, a 61.8% retracement. So the question is ‘Does Nature Prefer the Vampire Squid or the Deep Crab?”
Disclosure: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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