$ELV has been in a “Go” trend since early April.
Since then, we have seen price soar to higher highs on uninterrupted bright blue bars. During this run, GoNoGo Oscillator has been in positive territory, confirming the “Go” trend that we have seen in the price panel. After the last higher high in late May, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term due to waning momentum. Indeed, after that high, we saw price move mostly sideways on weaker aqua bars and GoNoGo Oscillator has fallen to test the zero line from above. After getting stuck at that level for a few bars in a GoNoGo Squeeze, we see that the Oscillator has broken out of the Squeeze into positive territory. With momentum therefore resurgent in the direction of the price trend, we will watch to see if this gives price the boost it needs to climb to a new higher high in the coming days.
