$AEM has seen GoNoGo Trend paint “NoGo” bars since early February.
After a strong drop, we saw a NoGo Countertrend Correction Icon (green arrow) that indicated price may correct against the “NoGo” trend in the short term. Last week saw a rally in price that forced GoNoGo Trend to paint weaker pink bars. At the same time, GoNoGo Oscillator rose to test the zero line from below. As we’d expect in a strong “NoGo” trend, the oscillator was rejected at this level and is now back in negative territory as price falls lower. This triggered a NoGo Trend Continuation Icon (red circle) to appear above the most recent price bar. We will look for this surging downside momentum to give price the push it needs to set a new lower low.
