$NOW has been correcting for the past 6 weeks after hitting a high on July 20th.
We saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to move higher in the short term. When GoNoGo Oscillator broke out of a Max GoNoGo Squeeze into negative territory we had a good idea that a deeper correction could follow. GoNoGo Trend painted several “NoGo” bars this month as the oscillator stayed in negative territory. After riding the zero line for a few bars we saw GoNoGo Oscillator break back into positive territory as GoNoGo Trend painted amber “Go Fish” bars. Now, with GoNoGo Oscillator confirming positive momentum we see a fresh “Go” trend identified. With momentum on the side of the new trend, we can look for price to challenge prior highs.
