$COF has been in a “Go” trend since September.
During that time it has made a series of higher highs and higher lows and GoNoGo Trend has painted only “Go” colors. Several times, after hitting new highs we saw Go Countertrend Correction Icons (red arrows) indicating that price may struggle to go higher in the short term and as price fell away from the high each time, GoNoGo Trend reflected the weakness with paler aqua bars. Each time price fell, GoNoGo Oscillator tested the zero line and found support, as we know it should when a trend is healthy. Now, after another Go Countertrend Correction Icon (red arrow) and a period of weakness as GoNoGo Trend painted aqua bars and the oscillator tested the zero line, we see that strength has returned. GoNoGo Trend is painting strong blue bars and GoNoGo Oscillator has rallied off the zero level into positive territory. With momentum resurgent in the direction of the “Go” trend, we will look for price to continue its attack on new higher highs.
