GS Goldman Sachs Group, Inc. (Public, NYSE:GS) Stages Technical Breakout

GS staged a technical breakout on good volume as we can see on the daily timeframe above.

GS opened with a gap, formed a bullish flag, so we look for a measured move of 100% of the pattern. I placed my fibs from the late day low to the ORH. I entered long as the flag broke and price moved quickly upwards. Midway to the target, it started to slow down. As soon as price and the rising 5 EMA came back together, price accelerated towards the target.


The SPY gapped up and broke quickly, but I waited for the 5 ema to catch up to price before jumping in. Price extended 50% from PDL to ORH.

Yesterday we said that POT had to break above the capitulation base (blue line) before we would contemplate a long entry. Today it gapped into the base and the initial candlestick action was very similar to yesterday, but eventually, it carved out a mini C&H pattern. Here again, we are looking for a measured pattern move of 100%, so place fibs from low to high of C&H pattern and exit at target unless it forms a bearish reversal pattern along the way.