GS: Bullish Wolfe Wave Target

The Wolfe Wave target got MADE at 104.69 in early trading yesterday morning. That's one for the textbooks, not only for its nice execution, technically, but because the bullish target was achieved against the backdrop of a huge miss on earnings on the fundamental side. Quite lovely.

What wasn't lovely...



...was the fact that when GS was called Gap Down at the open, I entered my order three minutes before the open to buy 2,000 shares of it at 100.75, well above horizontal support at 100.50. "They" blew past my order, down to 100.34, then ripped it to the upside past my order again, and left me pipped at the post with my order NOT filled.

I called my broker on that nonsense, who said, "Security and Exchange Commission Rule 611...yap yap yap...order protection...yap yap yap...market sweep...yap yap yap..."

I said, "So, you're telling me that I got '611-ed.' Is this a polite way that you youngins have of saying, 'YOU GOT ROYALLY SCWOOOED out of an $8,000 trade, Melf?'"

The lad gave a chuckle, but gave me no shares of GS at 100.75. That's fine. I handled it with my usual dignity.

Curses! Curses!! CURSES!!!



The Wolfe Wave target of 104.69 got MADE at 10:10AM shortly after it was explained to me how I got "611-ed." No problem.

LOUSY BUZZARD FACES!!!!!!!!!!!



There wasn't much left in The Bulls after the 104.63 target got MADE. The high on the session got put in one minute later, at 104.94, then The Bears took over, breaking the neckline of a H&S Top (in white), breaking a Bear Flag (in yellow), then breaking a Double Bottom attempt at 102.00 (in orange). The session finished with a Rectangle (in green).



In the Hourly Chart, despite the poor earnings, The Bulls have a chance at more upside if they can defend the neckline of this Inverse H&S pattern, the upside breakout of which helped to propel GS to the Wolfe Wave target. It currently comes in just below 100.00 and is declining a bit each hour.

Any trading below that neckline is "Ye Olde Knuckle-biter" for The Bulls, calling the bullishness of the pattern into question. Anything below the 94.52 low of the Right Shoulder would call the bullishness of the pattern into serious question. Right Shoulder lows "shouldn't" get taken down.