$WELL has been in a “Go” trend since late May.
Since then, it has raced to a high over $170. After that high, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term. Indeed, price pulled back from that high on a series of weaker aqua bars and GoNoGo Oscillator fell to test the zero line from above. Reflecting a virtual tug of war between buyers and sellers at that level, we saw an extended Max GoNoGo Squeeze. During the Squeeze, GoNoGo Trend started to paint stronger blue “Go” bars and eventually we have seen the oscillator break out of the GoNoGo Squeeze into positive territory. As price rallies close to prior highs, this tells us that momentum is resurgent in the direction of the underlying “Go” trend. We will see if this gives price the push it needs to climb to a new high in the coming days.
