$ARKK - Weekly TF analysis

AMEX:ARKK   ARK Innovation ETF
-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?


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