$ARKK - Weekly TF analysis
-Primary W4 target zone (38.2 - 50)
-Nearing channel bottom
-Reached 1st fib target for Y leg of W4 (-23.6)
-Confluent support of 38.2 fib and channel bottom
-Weekly RSI at march 2020 covid lows
-Downside risk defined at 72.50
From the looks of it, we might be nearing a bottom on growth stocks. Keep in mind this is a weekly chart so if we do continue down, it could drag out for another few weeks. However, downside risk is defined at the 50% fib, at 72.50.
I would start building a position from here and continue building as long as ARKK is above 72.5. ARK's time horizons are 5 years, and market jitters will last 5 months, maybe a year if we're really fucked.
Ask yourself, did Cathie Wood and her team suddenly become stupid over night, or does the market work in cycles?
-Nearing channel bottom
-Reached 1st fib target for Y leg of W4 (-23.6)
-Confluent support of 38.2 fib and channel bottom
-Weekly RSI at march 2020 covid lows
-Downside risk defined at 72.50
From the looks of it, we might be nearing a bottom on growth stocks. Keep in mind this is a weekly chart so if we do continue down, it could drag out for another few weeks. However, downside risk is defined at the 50% fib, at 72.50.
I would start building a position from here and continue building as long as ARKK is above 72.5. ARK's time horizons are 5 years, and market jitters will last 5 months, maybe a year if we're really fucked.
Ask yourself, did Cathie Wood and her team suddenly become stupid over night, or does the market work in cycles?
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.