ARKK is following similar price action in forming tests of support for new highs.
This current pull back is slightly expedited and showing an increase in volatility than trends in the past. (I believe this has been due to the uncertainty we saw leading up to unemployment rate releases and uncertainty in the overall market).
Considering this, I wouldn't see it completely out of the question to see price pull back below the .618 extension and test the perceived .382 line as support.
From there I see ARKK making new highs with a price target above $166 (1.0 extension) after claiming the perceived .618 ascending extension line as support.
Stop loss can be adjusted up to just below the most previous ascending line found as support.
**Not financial advice, these are just my opinions