After a strong run that saw $BABA price hit highs in a “Go” trend above $120, price has pulled back significantly.
GoNoGo Icons displayed a couple of Go Countertrend Correction Icons (red arrows) as price climbed to those highs before GoNoGo Trend showed the weakness in the “Go” trend by painting weaker form aqua “Go” colors. During that correction, GoNoGo Oscillator crashed to and through the zero line in a clear message that momentum had shifted away from the “Go” trend. Finally, a “NoGo” trend has been identified as GoNoGo Trend paints its second bearish pink bar. With this new “NoGo” trend in place, GoNoGo Oscillator is in negative territory telling us that momentum is on the side of the current trend. Prior support shows that an initial downside target of $95 would be sensible.
