$LLY has been in a correction since hitting a high mid September.
We saw a Go Countertrend Correction Icon (red arrow) at the high that indicated price may struggle to go any higher in the short term. Since then, price has fallen away and GoNoGo Trend painted weaker aqua bars followed by amber “Go Fish” and even a few “NoGo” bars. GoNoGo Oscillator broke below the zero line before the trend flipped to “NoGo” and this confirmed the struggles price was having. Now, GoNoGo Oscillator has risen to test the zero line from below and volume is heavy reflecting strong market participation. We also see GoNoGo Trend painting a first “Go” bar. We will want to see GoNoGo Oscillator breaking back into positive territory as this would confirm the new “Go” trend as we could say that momentum was surging in the direction of the new trend. If that happens, we will look for price to make an attack on the most recent high.
