UFO ETF -space stock rally on ARK X news

NASDAQ:UFO   Procure Space ETF
Space ETF ( UFO ):
The UFO is a space-related stocks ETF , it is traded 1.2% down yearly.

3 Month Avg Volume 38.1k
1 Month Avg Volume 78.1k (2X)

Biggest holdings:

(Name / % ETF position size)
1. IRDM 5.95%
2. ORBC 5.66%
3. MAXR 5.30
4. TRMB 5.29%
5. LORL 5.02%

If we break the rally into the Eliot impulse wave we can see :
1 Stage:
The first rally started on Nov 2nd after it bottomed down to 21.10$ and went up 9.6% to 23.13. which tells us the space stocks started rallying before the ARK X official announcement and is probably related to Cathie Wood mentioning it in a previous interview and also smart money getting in first on the move.
2nd Stage:
Went up 11.5% (25.84$) in mid-Nov to mid-Dec, in a 3rd wave in the impulse wave (3rd waves tend to be the longest ones), followed by a fourth wave -correction wave that tends to be the stronger one of the two(2,4), price traded lower (24.87$).
3rd Stage:
Price rose 5.8% (27.40$), News of ARK X the space ETF came out.

TOTAL MOVE is 30% in about 2 months
The ETF has finished its first impulse wave and we will see more upside in the upcoming months a lot of it because of ARK’s announcement and the simplest way to enjoy the space stock rally would be to hold this ETF until ARKX is public and tradeable.


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