Has ARK Invest ($ARKK) hit bottom or more downside?
ARK Invest (ARKK) is an actively managed Exchange Traded Fund (ETF). It seeks long-term capital growth by investing in domestic and foreign equity securities of companies that are relevant to the Disruptive Innovation Fund’s investment theme.
ARK defines “disruptive innovation” as the introduction of a new, technologically enabled product or service that potentially changes the way the world works.
Businesses within ARKK include those that depend on or benefit from the development of new products or services, technological improvements and advances in scientific research related to the following areas:
DNA technologies and the “genomic revolution”.
Automation, robotics and energy storage.
Artificial Intelligence and the “Next Generation Internet”.
$ARKK – Elliott Wave Last View Weekly
Since the IPO in 2014, ARKK has rallied on a 5 swing momentum and peaked in Feb 2020 at I. The pullback during the Covid crash bottomed out in March 2020 at II. The March 2020 rally also unfolded in another 5-oscillation impulse structure and peaked in February 2021 to end a super cycle at (I). If you want to learn more about Elliott Wave Theory, please follow these links: Elliott Wave Education and Elliott Wave Theory) Since then, it has cleared all cycles of corrective gains from all-time lows. The chart above illustrates the idea of the correction taking place as a 3-wave pattern called a zigzag (5-3-5) with an extended c-leg. In the short term, $ARKK may bounce in 7 swings to correct the cycle from November 2021 in ((4)). Once ((4)) is complete, sellers should appear and resume the downtrend to complete ((5)) from c from (II). Once the streak is complete, buyers need to enter to start the next rally higher.