$ARKK Wedging

30 Mar 2023

ARKK seems to be a barometer for risk-on risk-off in this market. A month ago, I was looking at the re-test of the 30 Week MA (white line) then the break back above the flat line of resistance to be a long signal. (I took the trade long only to be stopped out 3 days later.) That turned out to be a false breakout.

We are now in a downward consolidation pattern that could break either way. I have alerts set at both sloping trendlines and I’ll look at taking a trade either long or short depending on the direction of the break. If going short, I’ll likely use SARK an inverse ETF for the ARKK fund.

I will also be looking for other longs or shorts in the market once ARKK breaks either way. Ideas, not investing / trading advice.

6 Nis 2023

Not

Wedge needs to be redrawn on the upper side. But notice volume for the most part, is continuing to decline. Could mean it's running out of sellers. Still consolidating and can go either way.