Red hot Ark ETF (ARKK) has cooled off of late, losing over 30% of its value. Is it about to fall another 30%?
If this pattern is correct, it is possible it does!
ARKK looks to have formed a bearish descending triangle over the past 14-weeks. Currently, it is testing the bottom of this bearish pattern.
If support breaks at (1), the “measured move” suggests ARKK could fall another 30%.
This ETF has been a proxy of the strength or lack of in the tech sector.
How ARKK handles this pattern, should send an important message about tech stocks over the next few weeks!
