$RCL was in a strong “Go” trend that began mid May. As price hit another higher high late July, we saw 3 Go Countertrend Correction Icons (red arrows) indicating that there may be difficulty going higher in the short term. Indeed, GoNoGo Trend painted a string of consecutive weaker aqua bars as price fell from the high. The indicator even painted a couple of “NoGo” bars before amber “Go Fish” bars crept in representing market uncertainty. GoNoGo Oscillator was able to recover positive territory and this has led to a new “Go” bar in the price panel above. Now, with momentum aligned with the new “Go” trend, we will watch to see if price can rally further to test the July highs.
By
Alex Cole
