$CBOE has been in a “Go” trend since mid July.
After a making a series of higher highs and higher lows we saw price peak about a week ago. Immediately after, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term. Indeed, GoNoGo Trend then painted consecutive weaker aqua bars as price fell from the high. During that time, GoNoGo Oscillator fell to test the zero line from above. We know that in a healthy “Go” trend GoNoGo Oscillator should stay at or above zero and so it is a good sign that the oscillator quickly found support at that level. Now, with a fresh bright blue “Go” bar, we know that the trend is strengthening and with GoNoGo Oscillator bouncing back into positive territory we can say that momentum is resurgent in the direction of the underlying “Go” trend. We will watch to see if price can make a challenge for new highs in the coming days.
