A month ago, I was monitoring Goldman Sachs stocks and came across a Wolfe Wave pattern. Back then the Wolfe wave was still in its initial stages but showed promising signs of a trade both counter trend and the longer term up trend.
The trade was successfully closed and price reversed just in the sweet spot. I'm now long Goldman Sachs, targeting $200, which is due to hit towards end of the year. I must admit though that I was late in entering this trade as the reversal happened just a few days ago. However, better late than never, considering current price is at $160.
Below is the chart of the original trade:
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| Goldman Sachs - Counter trend trade, Wolfe Waves |
There was a small modification to the point 3 which overshot the original price level by a few points but still kept us in the trade. Below is the modified Wolfe Waves for Goldman Sachs, which points to a target of $203 with a target date of 11th November.
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| Goldman Sachs - $203 projected price - Wolfe Waves |
Sure that it is a bullish WW? For me it is a bearish WW, because it is ascending.
ReplyDeleteit doesn't matter it is a bearish or bullish WW, it is still profitable.
ReplyDelete