$HD had been in a “Go” trend from the middle of November last year.
A final high was made late March and we saw a Go Countertrend Correction Icon (red arrow) at the high indicating that prices may struggle to go higher in the short term. Indeed, price fell from the high and we saw GoNoGo Trend paint a string of weaker aqua bars. During this weakness, GoNoGo Oscillator fell to and test the zero line before breaking through into negative territory. GoNoGo Trend painted amber “Go Fish” bars of uncertainty and as volume increased (dark blue of oscillator) GoNoGo Trend made the full transition to a strong purple “NoGo” bar. With momentum surging in the direction of the new “Go” trend, we will look for price to consolidate the new “NoGo” trend and potentially fall further from here.
