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On September 14th we warned that a pull back towards $310 was expected. Price was vulnerable to a move towards the 61.8% Fibonacci retracement of the rise from $277. Today price has gapped down and surpassed the 61.8% retracement and our target by reaching so far as low as $304. Short-term trend remains bearish. Price is making lower lows and lower highs. The 61.8% retracement is a retracement level we usually see trend reversals. Current price action does not give us a lot of hope for a reversal. Bulls need to step in and support GS stock price, otherwise it will be vulnerable to a move towards $295.
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