Ark Innovation ETF (ARKK) hit today its 1D MA200 (orange trend-line) for the first time since the November 13 2023 bullish break-out. This puts the price in the middle of the long-term Channel Up pattern that started on the December 28 2022 bottom.
As long as the price action closes the 1D candles above the 1D MA200, we expect an instant rebound. If it breaks...
#CathieWood
Baught this stock...I analyzed it....and …...well....I would do exact the opposite......
But why?
Technical Analysis
Let forget eveything you know about technical analysis, and let together tell this story....logically..
At
76-71 USD AGGRESSIVE SELLERS FORCED THE PICE DOWN
29,72 USD BUYERS DEFENDED THIS Area(ZONE) as well the sellers took...
The ARK Innovation ETF (ARKK) ever since (even before) its Peak on February 16 2021, has been printing a pattern similar to the one that Dow Jones (DJI) formed during the 1920s/30s Great Depression.
Right now it appears to have rebounded on Leg (f), which is the market bottom, and is pulling back to form Leg (h). According to Dow's blueprint, ARK should rebound...
The ARK Innovation ETF (ARKK) has been holding the 33.30 Support since the October 10 1W candle. As shown on this 1W time-frame, this is the Support that was formed on the March 16 2020 low during the COVID crash.
Perhaps the most important development here is that, while the price has been on Lower Lows since June 13, the 1W RSI has been on Higher Lows, flashing...
