$IBM has been in a “Go” trend since early May.
Since then, we have seen a series of higher highs and higher lows as price has soared to over $296. However, after the last high, we have seen multiple Go Countertrend Correction Icons (red arrows) indicating that price may struggle to go higher in the short term due to waning momentum. We also see signs of bearish divergence as price moves higher but GoNoGo Oscillator makes lower highs. We will watch GoNoGo Oscillator as it falls out of overbought territory to see if it stays at or above the zero line. If it does, then we will expect this pause in the “Go” trend to be temporary and perhaps a consolidation before moving to new highs.
