The selloff from the recent high at 188 should be viewed as constructive, since it has followed the creation of a bullish impulse leg on the weekly chart. That said, Goldman has its work cut out for it, since the next push would have to reach a minimum 190.05, exceeding an important peak recorded in July of 2008, to refresh the bullish trend. A more important peak at 208.78 holds the key to whether the stock can pull the broad averages higher for the remainder of 2008 — and, probably, much of 2009.
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