Cobra's Market View

$ARKK, rarely a bottom is flat, so probably it's either a consolidation pattern here (blue lines) which means a pause first before break down, or, if break down here then measured move (tinted area) down.
That said, on the weekly chart it's the very first touch of EMA20 in millions of years so could attract some buyers so I won't be be too bearish here.

$ARKK, hammer plus volume surge so a rebound should be due if not already the low was in. It's 100% measured move down so the momentum still is strong therefore could be a 3rd leg down after the rebound.

Maybe I draw this way, it'd be easier to understand what I mean?

$ARKK, no further rebound after the hammer, bulls are much weaker than I thought. Now I don't know when we'll see a short term rebound. The only thing I know is chances are there'll be another leg down after the rebound.

$ARKK, rebound as should be, still believe likely it'd fail eventually.

$ARKK, it's a bearish reversal bar today but since usually I have no confidences in bears so I can only say, about 51% chances it'll be on dashed blue arrow tomorrow.

$ARKK is on the dashed blue arrow now as expected. Every time revisits the previous low there're 50% chances of double bottom so the revisit could be a higher low, bears need aware.

$ARKK, 2 consecutive strong bull bars (1st one was a good bull signal bar and the 2nd one was a strong entry bar therefore good successful chances of the trading reversals setup), there're some chances the low was in, watch. I know, some chances do not help trading but it's beyond the scope of the topic here. The actual trade will need consider the risk reward ratio which maybe a little late today (yesterday was good enough as it's a good signal bar, unfortunately I check ARKK chart only on Monday and Wednesday). If you don't understand what I'm saying then the trading reversals setup is not for you.

Thank you for posting about ARKK. It gave me confidence to enter yesterday EOD. It was a great move today.

merryme wrote:Thank you for posting about ARKK. It gave me confidence to enter yesterday EOD. It was a great move today.

Good luck in your trade!