$ED has been in a “Go” trend since late January.
We have seen a series of higher highs and higher lows during that time and GoNoGo Oscillator has primarily been support by the zero line. After the latest high earlier this month, we saw a Go Countertrend Correction Icon (red arrow) signaling that price may struggle to go higher in the short term. Indeed, we saw price fall from the high and GoNoGo Trend paint a series of weaker aqua bars. GoNoGo Oscillator briefly dipped into negative territory but has recovered and has now bee finding support again at zero. With GoNoGo Trend once again painting strong blue “Go” bars, we will look for the Oscillator to stay at or above zero. This would tell us that momentum remains on the side of the “Go” trend and we’d expect price to make a run at a new higher high.
