$ETN has been in a “Go” trend since early last month.
Having hit new highs on strong blue “Go” bars, we saw two Go Countertrend Correction Icons (red arrows) indicating that price may struggle to go higher in the short term. Indeed, GoNoGo Trend painted a series of weaker aqua “Go” bars as price fell from the high, and GoNoGo Oscillator fell to test the zero level from above. We watched to see if it would find support at that level and it did, quickly rebounding into positive territory. We now know that momentum is resurgent in the direction of the “Go” trend and GoNoGo Trend is painting more strong blue bars. We will look to see if this will give price the push it needs to climb to a new higher high.
