$SYK has entered a new “Go” trend after almost 2 months in a “NoGo” correction.
Price fell into the “NoGo” in early April, and we saw a NoGo Countertrend Correction Icon (green arrow) after the first new low in the “NoGo” trend that told us price may struggle to go lower in the short term. Indeed, price moved mostly sideways since then and GoNoGo Trend reflected the weakness in the “NoGo” trend with a number of pink bars. During this time, GoNoGo Oscillator tested the zero line from below on several occasions. Finally, after a Max GoNoGo Squeeze, the oscillator broke out into positive territory that informed us momentum was now out of step with the “NoGo” trend. GoNoGo Trend quickly painted an amber “Go Fish” bar before recognizing the changing environment with a first aqua “Go” bar. Now, with momentum surging in the direction of the new “Go” trend, we will look to see if price can mount an attack on a new higher high.
