is the overall market bullish ? YES....... does it appear toppish ? YES !............
High beta name Goldman Sachs has rallied since summer 2012 ~ +75% and from the last consolidation period Nov/Dec ~ +40% . That is very very impressive , chapeau !
Pure coincidence there is a perhaps a meaningless Fibonacci price and time extension knocking at the door, accompanied with a huge steep rally and overbought situation.
Is this the top ? How dare I call it, this would be pure guessing, but since we are all in the guessing business , would I rather be long or short here ? I will give it a go and look speculative short set-up for targets around bumping on the coming trendline in a couple of months. I don't like flag-stick patterns but it is tough to call tops. Maybe this is it, maybe not yet. But a "healthy" correction or consolidation is overdue. Nothing last forever. Buy dips later again, but for now I can not resist to try a short.
happy trading
KP
High beta name Goldman Sachs has rallied since summer 2012 ~ +75% and from the last consolidation period Nov/Dec ~ +40% . That is very very impressive , chapeau !
Pure coincidence there is a perhaps a meaningless Fibonacci price and time extension knocking at the door, accompanied with a huge steep rally and overbought situation.
Is this the top ? How dare I call it, this would be pure guessing, but since we are all in the guessing business , would I rather be long or short here ? I will give it a go and look speculative short set-up for targets around bumping on the coming trendline in a couple of months. I don't like flag-stick patterns but it is tough to call tops. Maybe this is it, maybe not yet. But a "healthy" correction or consolidation is overdue. Nothing last forever. Buy dips later again, but for now I can not resist to try a short.
happy trading
KP