$AMZN flags NoGo Countertrend Correction Green Arrow

$AMZN flags NoGo Countertrend Correction Green Arrow


September 2023


Alex Cole

$AMZN fell hard out of its "Go" trend earlier this month.

As GoNoGo Oscillator crashed through the zero line on heavy volume, GoNoGo Trend painted an amber "Go Fish" bar of uncertainty as price closed the gap from early August.  A "NoGo" quickly followed as momentum plunged to oversold levels.  Now, with GoNoGo Oscillator moving from oversold above -5, we are seeing a NoGo Countertrend Correction Icon (green arrow) suggesting that in the short term price may struggle to go lower.  The weight of the evidence of course suggests that the "NoGo" trend is in full effect, but there may be a short pause/rally over the next few days.