$ON entered a “Go” trend toward the end of January.
We saw multiple Go Countertrend Correction Icons (red arrows) at the highs in February that informed us price may struggle to go higher in the short term and we have indeed seen a correction against the trend since then. We have seen a string of weaker aqua “Go” bars and now most recently several consecutive amber “Go Fish” bars representing uncertainty in the price action. This has caused GoNoGo Oscillator to fall back to test the zero line and has stayed at that level. As the oscillator rides the zero line, we have seen the grid of GoNoGo Squeeze rise to its max outlining the reduced volatility. It will be important to note in which direction the oscillator breaks out of the squeeze. Into positive territory and we would likely see a return to “Go” bars and an attack on the prior high. If the squeeze is broken to the downside, we may well see “Go Fish” become “NoGo”.
