Looks like the correction completed at wave 1 support. Now we are in a triangle patterns where the short-term down trend (much shallower than the initial correction) is about to meet the longer-term uptrend.
If the support can hold, giving us a pop to the upside, then we may be getting ready for another move higher.
I had posted another chart that carried the idea that LSK would move higher after completing the current triangle... here:
After further examination, I realized that a similar pattern has appeared in the record where LSK broke lower...
Currently, there is a battle between...
This is a super speculative forecast, I'm interested to hear the communities thoughts.
ARK has been on a tear the last month or so, and the RSI on the daily shows it. The RSI on the daily has only reached the level recently attained two other times in the record. Each time, a long drawn out corrective wave follows.
If correct, ARK will enter an accumulation...
Looks like a clear Elliott impulse wave pattern. Now on the 4th wave, which is a huge triangle currently tightening up. Volume has been trending lower since the end of the 3rd wave. Could indicate reduced supply from accumulation into strong hands. LSK to the moon!
After the 5th wave completes, look for a correction similar to the last large move up.