ARKK Reinforcing Our Analysis
Checking on our Featured Trade, ARKK gapped lower today, which was expected by our technical analysis.
After gapping down to $113, our calendar spread is mildly profitable. But it's not worth the trading fees to close it. I expect ARKK to temporarily bounce up to test recent highs around $118, then resume its trend down.
What makes me think that is the original prognosis, calling for a mirrored move down to $110-111 levels. But confirming that is an examination of the bearish convergence still appearing on the lower lows made by recent price and RSI waves.
We'll see if time proves us right.
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