$VLO has been in a “Go” trend since late June.
$VLO hit a high on August 11th and we saw a Go Countertrend Correction Icon (red arrow) a few bars after that signaled that it might be difficult for price to go higher in the short term. This was the case, and GoNoGo Trend painted a string of weaker aqua bars. GoNoGo Oscillator also crashed to the zero line as positive momentum dried up. As the oscillator rode the zero line, we saw a Max GoNoGo Squeeze build indicating a lack of directional momentum as the market tried to determine its next direction. We will watch to see in which direction this Squeeze is broken. GoNoGo Trend is now painting stronger blue bars and so if the Squeeze is broken into positive territory we will see a Go Trend Continuation Icon (green circle) telling us that momentum is resurgent in the direction of the “Go” trend. We could then target a new high.