$EL has entered a new “Go” trend.
This comes after price had moved mostly sideways since July and slipped into a “NoGo” trend for several weeks as price crept lower. GoNoGo Oscillator had broken through the zero line into negative territory before the change to a “NoGo” trend and had been finding resistance at that level since. A few days ago, GoNoGo Oscillator was able to burst into positive territory after breaking out of a Max GoNoGo Squeeze. This boost in positive momentum saw price rise on amber “Go Fish” bars before finally painting a strong blue “Go” bar at a new high. We will watch to see if price can consolidate at this level and use prior highs for support going forward. This would allow the “Go” trend to persist and give price a chance to climb.
