ARK - end of wave V, time for some profits?
Updated
For starters, I am still learning how to plot out these TA charts so take anything I say with a grain of salt. if you see any flaws in my reasoning, please let me know so I can improve for next time!
Undoubtedly you have seen ARK surging high this weekend and into today.
zooming out a bit, you can clearly make out some nice flagpole action going on.
III held its fibonacci target like textbook at the 1.618 before falling in line and finding enough momentum to shoot up into V which we are currently in.
Looking at the 1 day RSI and Stoch RSI, we can see we are high in the cycle, which usually predicts a reversal of sorts is imminent.
To be honest I did not fully expect Ark to rise this high, I had my personal target at the early 80's so everything right now feels like bonus (any suggestions on how to properly predict the end of this stretch are more than welcome!)
I'll be liquidating some of my ark and will be looking at a re-entry after the correction. I am expecting a long correctional wave as high buyers will be holding on to their stock, probably experimenting with ARK's staking protocol.
Let me repeat, if you spot any flaws in my reasoning please let me know. only way to learn is by talking to people who are better at this than I am :)
happy trading!
Undoubtedly you have seen ARK surging high this weekend and into today.
zooming out a bit, you can clearly make out some nice flagpole action going on.
III held its fibonacci target like textbook at the 1.618 before falling in line and finding enough momentum to shoot up into V which we are currently in.
Looking at the 1 day RSI and Stoch RSI, we can see we are high in the cycle, which usually predicts a reversal of sorts is imminent.
To be honest I did not fully expect Ark to rise this high, I had my personal target at the early 80's so everything right now feels like bonus (any suggestions on how to properly predict the end of this stretch are more than welcome!)
I'll be liquidating some of my ark and will be looking at a re-entry after the correction. I am expecting a long correctional wave as high buyers will be holding on to their stock, probably experimenting with ARK's staking protocol.
Let me repeat, if you spot any flaws in my reasoning please let me know. only way to learn is by talking to people who are better at this than I am :)
happy trading!
Note
To add, some of the lines I drew are things I doodled in as time progressed. my previous version was before the current leg up, so my red line served as support to create the wedge that triggered the uptrend. I predicted right, just not sure if I used the right techniques to get to my conclusions :)
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