ARKK - bottom in trade idea
This will be my one public trade idea this weekend (rest are posted in the cord)
Copy pasta (2 pics in cord):
Trade Idea - ARKK - Growth looks ready to go. For the next impulse up on indexes we need full cooperation - Growth is beat to death and it MUST come to life. We will not continue to see the 1 man band of big tech if we are going to make what bears call the "bubble" bigger. So - What stocks to focus on? Well - I have positions in some growth - (TWLO, CRWD, SQ), but there are soooo many super beat up. So why not ARKK? ARKK is on its last let right now as it is - and the chart is screaming reversal. I think it found a wave IV bottom already (but if we get lucky enough to retest that or make a new low its a screaming BTD imo.) As of now I favor that the bottom is already in though and that all dips are a buy - I think it is going to get around 115 (covid low AVWAP retest) on this impulse. See 2 attached charts. I will be looking for some blood for my entry with time.
Why am I so convinced it bottomed or its close? Look at all of the indicators, all bullish af. Also - we are in the last major demand zone - losing 90 could be disastrous - I do not think it will break. So we have good R/R here (unless it gaps up big monday - but even over 104 I am buying looking for continuation because that will just make my argument even stronger.
Note on the minute scale - appears impulsive making me lean towards bottom is in.
Copy pasta (2 pics in cord):
Trade Idea - ARKK - Growth looks ready to go. For the next impulse up on indexes we need full cooperation - Growth is beat to death and it MUST come to life. We will not continue to see the 1 man band of big tech if we are going to make what bears call the "bubble" bigger. So - What stocks to focus on? Well - I have positions in some growth - (TWLO, CRWD, SQ), but there are soooo many super beat up. So why not ARKK? ARKK is on its last let right now as it is - and the chart is screaming reversal. I think it found a wave IV bottom already (but if we get lucky enough to retest that or make a new low its a screaming BTD imo.) As of now I favor that the bottom is already in though and that all dips are a buy - I think it is going to get around 115 (covid low AVWAP retest) on this impulse. See 2 attached charts. I will be looking for some blood for my entry with time.
Why am I so convinced it bottomed or its close? Look at all of the indicators, all bullish af. Also - we are in the last major demand zone - losing 90 could be disastrous - I do not think it will break. So we have good R/R here (unless it gaps up big monday - but even over 104 I am buying looking for continuation because that will just make my argument even stronger.
Note on the minute scale - appears impulsive making me lean towards bottom is in.
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