GS – Goldman Sachs (Last:142.61)

goldman-bears-bewareFear that Goldman’s psychotic spree could hit $160 seems to have pervaded the chat room on Monday, so perhaps the stock is actually close to a top. Or maybe not.  From a Hidden Pivot perspective, 171.87 is undeniably possible, although it would require yet more of the sort of elongated ABCD pattern that keeps shorts in the game by failing to blow them out in a ghastly day or two.  That’s what has been going on so far, and if that ghastly day finally arrives, it could take the form of a final spike amounting to perhaps $20 or $30.  Even using a less ambitious projection from the April 21 low yields a minimum 156.24, so this is probably not the stock to short if you want to take a conscientious stand against all of the stupidity. Parabolic blowoff or not, we’ll continue to monitor minor retracement patterns for signs of a turn, since that’s where one would show up first.