$ADBE has been in a destructive “NoGo” trend for several months.
After hitting final lows in April we saw NoGo Countertrend Correction Icons (green arrows) that indicated price may struggle to go lower in the short term. Indeed, since then price has made a slightly higher low and importantly, GoNoGo Oscillator broke above the zero line into positive territory which showed momentum was out of step with the underlying “NoGo” trend. Now, for 9 bars, GoNoGo Oscillator has remained stuck at the zero level, signaling a lack of directional pull and a tug of war between buyers and sellers at these levels. Over the last couple of bars, we have seen this uncertainty in the price as GoNoGo Trend has painted consecutive amber “Go Fish” bars. We will now watch for the direction of the break out of the extended, Max GoNoGo Squeeze to determine price’s next direction. If the oscillator moves into positive territory that would likely give price the push it needs to enter a new “Go” trend.
