ir-rizzle

ARKG - Long term view

Long
AMEX:ARKG   ARK Genomic Revolution ETF
ARKG looks like a double bounce at the bottom of thee channel, which is also the 0.382 retracement of the wave 4. Probably a little bit more channeling here before we get going.

If we get a reversal here, wave 5 should bring us to anywhere between 145-160 by EoY

Comments

It is kind of a race between stimulus money entering the market and the quarterly update on ARK fund performance. It may be hard to avoid a drop below this bounce line when the fund posts Q1 returns that I think are negative by a wide margin instead of 35% growth. What goes up can come down. Be careful on this technical analysis and look at the big picture of human reactions to losses. Some of what looks like inflows into the funds don't add up to purchases, it could be short covering by market makers... I'd watch both purchases and inflows to the fund carefully during this next two weeks before going long.
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@GT350, Thanks for the insight!
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