$ETN was in a long “Go” trend since late last year.
After hitting a high in late May we saw GoNoGo Trend roll through its colors. First, we saw weaker aqua “Go” colors as price fell from the high. Then a few amber “Go Fish” bars were painted that indicated the market uncertainty in the direction of the trend. Then more “Go Fish” mixed with weak pink “NoGo” bars as price moved sideways until strong purple “NoGo” bars took hold as price moved to its first lower low. During that time, GoNoGo Oscillator remained at or below the zero level, confirming the price woes. Recently, the “NoGo” weakened painting pink bars and GoNoGo Oscillator was able to break above the zero line. GoNoGo Trend painted “Go Fish” bars as this happened and now, we see a first aqua “Go” bar with GoNoGo Oscillator in positive territory. With momentum resurgent in the direction of the new “Go” trend, we will look to see if price can climb to test prior highs.
