Hello Everyone! In this technical blog, we are going to follow up on our initial article from July 2022 and take a look at the Elliott Wave path in ARK Invest ($ARKK).
Summary of the Fund:
ARK Invest (ARKK) is an actively managed Exchange Traded Fund (ETF). It seeks long-term growth of capital by investing in domestic and foreign equity securities of companies that are relevant to the Fund’s investment theme of disruptive innovation.
ARK defines ‘‘disruptive innovation’’ as the introduction of a technologically enabled new product or service that potentially changes the way the world works.
$ARKK – Elliott Wave Latest View Oct 2nd 2022 (Weekly):
In our initial article from July 2022, we were expecting the bounce in ((4)) to fail and continue lower which took place sooner than expected. Above is the latest Weekly Elliott wave count. As long as the 08/11/2022 peak at $53.86 remains intact, ARKK is favoured to continue lower in 5 swings to reach $31.02 – 24.01 where buyers can appear for a reaction higher.
$ARKK – Elliott Wave View Oct 2nd 2022 (Daily):
The ETF is favoured to be unfolding in the final swing lower in ((5)) of c of (II). Looking at the reaction from 08/11/2022 peak you can see the 5 wave impulse that took place to end red 1. The bounce in red 2 failed on 9/13/2022 and made a new low in red 3 which is a bearish sequence in the shorter cycles. To conclude, ARKK has more downside to be seen and can reach $30.30 – 23.03 before buyers appear and start the next leg higher.
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