$CF has seen GoNoGo Trend identify a new “Go” trend with an aqua bar.
After a Go Countertrend Correction Icon (red arrow) at the high in early August, we have seen price correct. Price fell far enough for GoNoGo Trend to even paint a few “NoGo” bars before quickly moving into amber “Go Fish” territory. As the market tried to make up its mind over direction, GoNoGo Oscillator rallied to the zero line and after a couple of bars burst through it into positive territory. This gave price the push it needed to return to a “Go” trend. With substantial overhead resistance, we will watch to see if this “Go” can survive and if price can set a new higher high. With the oscillator in positive territory but not overbought, the weight of the evidence suggests an attack on the new high.
