GS Reached Its Rising Megaphone Target Today
Trader Moe | Feb 14, 2016 12:38AM ET
GS Reached the Retrace Target for its Gray Rising Megaphone Today
Goldman Sachs Group Inc (N:GS) reached the retrace target for its gray rising megaphone today.
GS’s high was an exact tag of the top of that formation. That would usually mean a higher high is coming.
Plus, GS put in a head and shoulders top with a right shoulder megaphone (blue), and a right shoulder megaphone would usually mean a squeaker new high for the H&S.
GS appears to be forming an inverse H&S bottom across the bottom of its megaphone right shoulder. An upwards breakout from a complete inverse H&S bottom would be a set-up to go long to the blue megaphone top for a breakout roughly equal to the breakout through the bottom.
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