$COST enters “NoGo” trend after momentum surge

$COST enters “NoGo” trend after momentum surge


August 2023


Alex Cole

$COST was in a “Go” trend from end of May.

Recently we have seen signs of trouble.  First, after hitting a another higher high at the end of July we saw a Go Countertrend Correction Icon (red arrow) signaling that price was going to struggle to move higher. We saw several weaker aqua bars telling us that the trend was experiencing weakness.  As price corrected from the high, GoNoGo Oscillator fell to and stayed at the zero line, allowing the climbing grid of GoNoGo Squeeze to rise to its Max.  We waited for the breakout to tell us in which direction the market would move, and ultimately, the oscillator fell into negative territory.  Following this, GoNoGo Trend painted a couple of amber “Go Fish” bars which gave way to a strong purple “NoGo” trend. Volume is heavy, show market confirmation of the new “NoGo”.

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