Ark ETF About To Fall Another 30%?
Chris Kimble | May 12, 2021 10:16AM ET
Red hot ARK ETF (NYSE:ARKK) has cooled off of late, losing more than 30% of its value. Is it about to fall another 30%?
If this pattern is correct, it is possible.
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.
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