$AMZN had been in a “Go” trend since beginning of November of last year.
At the most recent higher high earlier this month, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term. Following that, we did indeed see the trend weaken as GoNoGo Trend painted a string of paler aqua “Go” bars before the trend gave way to amber “Go Fish” bars representing uncertainty. During that period of weakness, GoNoGo Oscillator fell to test the zero line on heavy volume where we watched to see if it would find support for the “Go” trend. It failed to hold that level and broke into negative territory on heavy volume (dark blue oscillator color) as the market told us it was time to go fishing. Although the most recent price bar found support at the horizontal level we see on the chart, the trend is now a “NoGo” with price painting a strong purple bar and GoNoGo Oscillator is in negative territory on heavy volume. With momentum confirming the new trend, we will watch for price to re test the support level on the chart as it attempts to make new lows. We could drop down in periodicity to look for opportunities to take advantage of the new trend.
