$GM has been in a “Go” Trend since late October.
Since then, we have seen a series of higher highs and higher low with price climbing over $83. During that time, GoNoGo Oscillator has been in positive territory finding support at the zero line each time it has landed there. After the last high, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to move higher in the short term due to waning momentum, and indeed, price fell slightly on consecutive weaker aqua bars. GoNoGo Oscillator fell again to test the zero line again and rode that level for a few bars. In order for the “Go” trend to remain healthy, GoNoGo Oscillator needed to find support again at zero. As price rose to test prior high resistance, GoNoGo Trend showed returning strength with bright blue bars. Now, with momentum bouncing off the zero line into positive territory we see price breaking to a new higher high. With momentum resurgent in the direction of the trend (Go Trend Continuation) we will look for price to consolidate at these elevated levels before potentially climbing higher.
