ARKG - Narrowing Triangle
Updated
I see a narrowing triangle. Triangles we love especially squeezed ones with a bit of consolidation visible.
I will not enter from point 1. First we need to observe bounce back from 1 and rejection at point 2 so basically one more touch on each sides of the triangle.
If that occurs, I will start opening position on point 3.
we see 2 influential figures coming head to head. Burry & Cathie.
Although Burry is more on Tesla bubble, still these kind of names have an overall impact on whole ARK etfs.
Thread carefully, my thoughts on Burry`s stance is a bit low. Yes the total market is high, yes the run after covid has been very steep but if you open a short position for that long (>1 year) eventually at one point you will see a correction. So without giving a timeline, it is easy to say there will be a market crash. Every 18 - 24 months, SnP 500 does more than %15 downwards correction. That correction might be %20-25 on ARKK. This does not mean you are right.
If you say in Q3 21 I expect that crash/correction, and it happens then yes you are right. Timing is the most important thing.
I will not enter from point 1. First we need to observe bounce back from 1 and rejection at point 2 so basically one more touch on each sides of the triangle.
If that occurs, I will start opening position on point 3.
we see 2 influential figures coming head to head. Burry & Cathie.
Although Burry is more on Tesla bubble, still these kind of names have an overall impact on whole ARK etfs.
Thread carefully, my thoughts on Burry`s stance is a bit low. Yes the total market is high, yes the run after covid has been very steep but if you open a short position for that long (>1 year) eventually at one point you will see a correction. So without giving a timeline, it is easy to say there will be a market crash. Every 18 - 24 months, SnP 500 does more than %15 downwards correction. That correction might be %20-25 on ARKK. This does not mean you are right.
If you say in Q3 21 I expect that crash/correction, and it happens then yes you are right. Timing is the most important thing.
Trade active
Number 1 is validated. If we hit number 2 and get rejected, I will open position on Number 3Trade active
Number 2 is validated. I will enter around 77-78$, as I always say, if you have 100, then open position with 10, then add 20 around 70$ in case it comes back or goes above 86 to play catch up
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