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In this technical blog, we are going to follow up on our initial article from October 2022 and take a look at the Elliott Wave path in ARK Innovation ($ARKK).
Since October 2022, the ETF has been trading lower as expected. It reached the 1.236 – 1.618 inverse fib level at $30.30 – 23.03 and found buyers on December 28th, 2022. Looking at the reaction from 12/28/2022 low, we can see that the pivot on August 2022 has given up indicating that the cycle from all time peak has ended. As long as the low at $29.43 holds, we expect buyers to appear at dips in 3, 7 or 11 swings. To conclude, ARKK is still in the initial stages of this rally and should remain supported in pullbacks. Remember, we are in a Transitional Market and this can be a generational opportunity for early investors.
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