By: Evan Lazarus
Take a look at a chart of Goldman Sachs (GS) and you can see the formation of a large head and shoulders on the daily timeframe. Traders need to pay attention to this ominous reversal pattern in GS. The pattern suggests a move down to the $130 area over the next few months (if not sooner). While we believe short-term, the stock may bounce, this is something that needs to be watched closely as GS has been a market darling and can be a driving force for the market’s direction moving forwards. “As goes Goldman, so goes the market.”
