Shares of Goldman Sachs (GS) have been sliding in September, and this slide could be setting up for a buy-on-the-dip strategy. 

GS Daily Chart 9/28

(click to enlarge)

Double bottom completed:
- In a previous update, I noted that GS has completed a double bottom.
- I noted upside to the 180 mark. 
Support at 160:
- A pullback continued into this week. 
- I noted that 160 was going to be a short-term pivot to monitor for support, and it apparently is.
- Note also the cluster of 100-, and 50-day simple moving averages (SMAs).
- Finally, the RSI was testing 40, and I noted that if it stays above 40 it represents maintenance of the bullish momentum.
- The piercing pattern I noted refers to the combination of the last 2 daily candles.
- I think we are indeed pivoting back up from 160.
- If price action can hold above 160 this week, I would consider a bullish outlook in the upcoming weeks with 180 as a target in the medium-term - a possible target for Q4 2016.
If 160 fails:
- I think a steeper correction is possible, but if GS is in a bullish breakout, it might not retrace so deep.
- If 160 fails as support (let's say price comes up to 165 and falls back below 160), we should monitor the 153 area as a last line of defense.
- 153 is like the central pivot of the consolidation range which we call a double bottom now.If price breaks below 153, it will look like we just had a failed bullish breakout. A break below 150 would be an even clearer sign that the prevailing bearish trend is not broken.
- In this scenario (break below 150), the pressure will be on 137.50, with risk of breaking lower.