$TSLA experienced a relatively heavy “NoGo” correction since the high mid July.
A Go Countertrend Correction Icon (red arrow) on July 20th suggested that price may struggle to go higher and indeed we saw GoNoGo Trend paint a series of weaker aqua bars before giving way to “NoGo” colors in early August. Early warning was given when GoNoGo Oscillator failed to find support at the zero line in late July and the oscillator was then in negative territory until the very end of August. When we saw GoNoGo Oscillator break above zero we knew that momentum was out of sync with the “NoGo” trend and this coincided with GoNoGo Trend painting uncertain amber “Go Fish” bars. On retesting the zero line last week and on heavy volume, we knew that momentum was resurgent into positive territory. This gave price the push it needed to move higher and GoNoGo Trend has finally painted a “Go” bar. We will see if price can make an attack on July’s prior high.
