$ARKK - RC -
Added 2023-09-29 15:55:12 +0000 UTC$ARKK is probably showing the best example of an ABC count (in amber) when Wave C ends high and then is followed by 5 corrective waves down (in red). It is perfect.
The 50 Day MA rejection at the start of Sept showed the weakness and then the price lost the 200 Day MA.
It is not clear whether or not the 5 waves are now complete but I can see 5 clear waves now, the question is whether wave 5 is complete.
This is then no mans land for $ARKK, has it is not in an impulse wave now, it has only completed a corrective wave.
This needs to start showing strength now and that is why I added in the A - E corrective wave moving sideways first.
I would not be starting a position in $ARKK now considering how uncertain the chart is.
Comments
Yes this can certainly go lower.....that being said, the market is expecting a bounce soon, they have a lot of exposure to stocks that are due a bounce too, so both options are still on the table.
Gareth Neary
2023-09-29 16:02:45 +0000 UTCThere is the major downtrend line from Feb 2021 at ~$42 which has capped all breakout attempts. Also there is a gap down below at $36 and then another gap at $32
Charles Jung
2023-09-29 15:58:36 +0000 UTC
