After a single “Go Fish” bar of uncertainty, we see that GoNoGo Trend paints a new aqua “Go” bar.
$TT had been in a “Go” trend since late April and we saw a series of higher highs and higher lows as price climbed over $476. After the last high, we saw a Go Countertrend Correction Icon (red arrow) telling us that price may struggle to go higher in the short term. Indeed, we saw a gap lower and an amber “Go Fish” bar indicating market uncertainty. Importantly, as price nears horizontal support, the trend indicator paints a fresh “Go” bar. As we analyze price action in the upper panel, we see that GoNoGo Oscillator in the lower panel has fallen to test the zero line on heavy volume. We will watch to see if the oscillator finds support at this level. If it does, we will see signs of Go Trend Continuation (green circle) and with momentum resurgent in the direction of the new “Go” trend, we will look for price to rise and challenge for a new higher high.
