Goldman Sachs ($GS): Correction Incoming?
Goldman has been forming a descending triangle from 11/01/21 to present, with consistent lower highs and a demand zone from $278-$313. As we've most recently been rejected from .236 fib retracement line, price action is showing an imminent retest of the demand zone, which could lead to a 11% - 21% downside potential.
In addition, NI has steadily been decreasing each quarter with Q2 '23 showing a -58% YoY growth, and EPS as well has been consistently getting crushed, with next earnings coming in October.
September has been historically a neutral to downside month in overall returns, and alongside commercial credit getting crunched, Theres a whisper in the air of a well needed market correction, and Goldman is looking to be a variable in this equation.
In addition, NI has steadily been decreasing each quarter with Q2 '23 showing a -58% YoY growth, and EPS as well has been consistently getting crushed, with next earnings coming in October.
September has been historically a neutral to downside month in overall returns, and alongside commercial credit getting crunched, Theres a whisper in the air of a well needed market correction, and Goldman is looking to be a variable in this equation.
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