$AMZN has been in a “Go” trend since early September.
Since then we have seen a series of higher highs and higher lows and GoNoGo Oscillator has been primarily supported by the zero line. Now, as price edges higher, we see a third Go Countertrend Correction Icon (red arrow). These typically suggest that price could struggle to go higher in the short term due to the waning momentum. We also can visualize the bearish divergence as price makes higher highs but the oscillator makes lower highs. We will watch to see if the trend takes a pause here. If it does, and GoNoGo Oscillator falls to test the zero line, it will be important to note if that level holds as support. After some possible pullback, renewed positive momentum would be a good sign for those looking for trend continuation and new higher highs.
