Technical Pulse: Goldman Sachs Group Inc May 13, 2020 647

Goldman Sachs (US: GS) impulse 5 sub-wave movement of A is strong that sub-wave 3 of A is marked by a strong 5 sub-wave extension. Hence, the corrective nature of wave B will be slightly weaker as indicated in the chart where wave B rejected the 50% of wave A. Based on other technicals, the strong continuation of bearish sentiment is high.

  1. Potential head-and-shoulder formation lay nicely on the 50% of wave A and the key resistance level of 194.36, which is the low point during 3rd October 2019 and 20th February 2020.
  2. The evening star formation on the right shoulder gave a clear clue of a strong bearish reversal ahead.


*The technical call is valid for 3 weeks only.

*In the event Should price breaks the 200.00 psychological resistance level and stay above for 3 consecutive periods, price will likely test the next sell zone at 222.54-228.25, which confluence strongly with the 78.6% of the A wave.



Moving average

Red line = 200 SMA Line

Blue line = 50 SMA Line

Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!

Featuring regular TA posts and requests to analyse specific stocks
Click to join!
Notify of
Inline Feedbacks
View all comments

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!