After months of a strong “Go” trend, $AMZN sees GoNoGo Trend flag a pink “NoGo” bar.
After a high on 9/14, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term. As price fell away from that high, we saw positive momentum disappear as GoNoGo Oscillator fell sharply to the zero line on heavy volume. As price painted a single amber “Go Fish” bar of uncertainty, GoNoGo Oscillator crashed through the zero line and is fast approaching oversold territory. GoNoGo Trend has now painted a first “NoGo” bar as the trend changes. We will watch to see if this strong momentum that is now in the same direction as the “NoGo” trend gives price the push it needs to fall further than August lows.
