Hello Everyone! In this technical blog, we are going to follow up on our initial article from October 2022 and take a look at the Elliott Wave path in ARK Innovation ($ARKK).
$ARKK – Elliott Wave Old View Oct 2nd 2022 (Daily):
In our initial article from October 2022, we were expecting the ETF to trade lower in 5 waves to reach $30.30 – 23.03 where buyers can appear for a reaction higher and finish ((5)) of c of (II).
$ARKK – Elliott Wave Latest View Feb 19th 2023 (Weekly):
$ARKK – Elliott Wave Latest View Feb 19th 2023 (Daily):
Since October 2022, the ETF has been trading lower as expected. It reached the 1.236 – 1.618 inverse fib level at $30.30 – 23.03 and found buyers on December 28th, 2022. Looking at the reaction from 12/28/2022 low, we can see that the pivot on August 2022 has given up indicating that the cycle from all time peak has ended. As long as the low at $29.43 holds, we expect buyers to appear at dips in 3, 7 or 11 swings. To conclude, ARKK is still in the initial stages of this rally and should remain supported in pullbacks. Remember, we are in a Transitional Market and this can be a generational opportunity for early investors.
Source: https://elliottwave-forecast.com/stock-market/ark-innovation-arkk-bottomed-ready-rally/