$ELF is in a “Go” trend but seeing signs of stalling.
As the “Go” trend hit highs earlier this month at over $40, a Go Countertrend Correction Icon (red arrow) appeared to tell us that in the short term price may struggle to go higher. We have since seen price come back a little, and GoNoGo Trend paint a series of paler aqua “Go” bars. This consolidation happened on heavy volume as GoNoGo Oscillator turned dark blue and fell to the zero line. We would like to see support at the zero line in any healthy “Go” trend but this time we see the oscillator breaking below the zero line, on heavy volume. This is a threat to the “Go” trend. We could step down a time frame for an entry perhaps. The 4hr chart shows that the latest bar is already painted a strong “NoGo” by GoNoGo Trend.
