ARK - Cathie Wood flagship ETF rising again LONGARKK double topped about July 19 and July 31st then downtrend until Fri Aug 18th,
On this past trading day, the technology market moved higher lead by TSLA and NVDA.
ARK reversed and started the retracement of the trend down. I see ARK targeting
45 in the mid Fibonacci levels and potentially beyond that to 47.8 being the base level
of the double top. The stop loss is the pivot low on Friday as ARKK awaits a momentum
boosting cross over the mean anchored VWAP. The two TF RS indicator shows the lower TF in
green well over the 50 levels with the high TF black line lagging.
The ZL MACD shows more confirmation. ARKK looks good to enter now. I will zoom from the 2H
to the 30 minutes to find an optimal entry. I may take a large stock position and supplement it
with a single put option for insurance against downside potential. I seek a 12-14 ROI on the
stock trade and some multiples of that on a 2 to 3 week put option.
