$ETR has been in a “Go” trend since mid July.
Having hit another higher high at the end of November, we saw a Go Countertrend Correction Icon (red arrow) telling us that price may struggle to go higher in the short term. Indeed, we saw GoNoGo Trend paint a majority of weaker aqua “Go” bars as price pulled back from the high. GoNoGo Oscillator fell to the zero line and failed to find support at that level and so we knew price was unlikely to rebound quickly. Recently, GoNoGo Oscillator rallied back to the zero level and was able to break back into positive territory. This informs us that momentum is resurgent in the direction of the underlying “Go” trend. We will watch to see if this gives price the push it needs to mount an attack on those prior November highs.
