*disclaimer: Not financial advice. This is my personal trade plan only. I am not qualified or licensed to advise anyone on their specific positions or trades, I am sharing my personal opinions only. Never make financial decisions based on any information on this site or any associated platforms. Always consult a professional for investment related advice and do your due diligence*
Overview:
So far structure appears to be corrective. This must resolve in an impulsive bounce very shortly or risk of a more severe correction rises. See below for details:
- Lack of a strong bounce here &/or failure below 4650 likely leads to a stronger selloff
- It’s possible $ARKK gets a shallow wave 2 that backtests the breakout. This is not guaranteed and a retrace deeper towards $113 is also valid. It’s too soon to tell.
Setups:
- Setup: A,B-1,2
- Confluence: Gap fill @ 10.93
- Trigger: 4H Reversal from fib zone
- Conditions: (2) must be corrective
- Setup: 1,2-1,2
- Confluence: Inverse H&S, demand, fib confluence, back-test
- Trigger: 1D Reversal from demand
- Conditions: Must bounce from demand or break out above $32. Must bounce above $27
- Setup: 1,2-1,2
- Confluence: Sector confluence, Gap fill
- Trigger: 1D Reversal from zone
- Conditions: (2) must be corrective
- Setup: 1,2
- Confluence: RSI Divergence on prior low, strong algo, sector confluence
- Trigger: 4H Reversal from fib zone
- Conditions: (2) must be corrective