$BAC had been in a “Go” trend since November of last year.
We saw prices rise to higher highs through the beginning of January. At that time we saw another Go Countertrend Correction Icon (red arrow) that indicated price may struggle to go higher in the short term. Eventually after failing to go higher at the beginning of this month, GoNoGo Trend was unable to continue to paint “Go” colors and the indicator painted a string of amber “Go Fish” bars before even flashing a pink “NoGo” bar. During this time, GoNoGo Oscillator fell to test the zero line from above and got stuck at that level. This caused the climbing grid of GoNoGo Squeeze to rise to its Max as the oscillator rode the zero line. This prolonged reduction of volatility left us waiting for the market to make a decision. Now, GoNoGo Oscillator has broken out of the Max GoNoGo Squeeze into positive territory as GoNoGo Trend paints a fresh “Go” bar. With a new “Go” bar, and momentum surging in the same direction, we will watch to see if this gives price the push it needs to make an attack on new highs.
