$ACGL has been in a “Go” trend since mid August.
After racing to a new high earlier this month, we saw a Go Countertrend Correction Icon (red arrow), telling us that price may struggle to go higher in the short term. Indeed, we saw a string of weaker aqua bars as price fell from the high. During that time, GoNoGo Oscillator fell to test the zero line from above and we saw that it remained at that level, reflecting a virtual tug of war between buyers and sellers for a few bars. As the oscillator found support, and rallied back into positive territory, we saw GoNoGo Trend paint stronger blue bars as price threatened the top end of the flag pattern. Now, with momentum resurgent in the direction of the “Go” trend, we see a Go Trend Continuation Icon under a strong blue bar as price breaks out. We will watch to see if this gives price the push it needs to make a new higher high in the come days.
