ElliottWave Forecast
February 20, 2023
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Has ARK Innovation ($ARKK) Bottomed and Ready to Rally?.

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 2 nd  2022 (Daily):

$ARKK

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 F eb 19 th  2023 (Weekly):

$ARKK

$ARKK – Elliott Wave Latest View F eb 19 th  2023 (Daily):

$ARKK

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/ 

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