After the huge gap up on Friday, GoNoGo Charts signaled a red short term correction arrow at the end of Monday, suggesting that we may pull back for a few bars.
We have now seen that pull back as the GoNoGo Trend paints weaker aqua bars, but the “Go” trend remains in place.
It is very bullish that while staying in the “Go” trend, price has found support at the gap and rallied from there.
The GoNoGo Oscillator has also fallen to the zero line and is now riding the zero line. If the GoNoGo Oscillator can bounce into positive territory we will see a green low risk re-entry signal under price on the Trend chart.
By
Alex Cole
