Below is an update to our March 5, 2021 downside targets for ARK Innovation based on the work of Edson Gould.
The targets, based on the $156.58 peak, continues to be at:
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$90.73 (conservative target)
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$71.98 (mid-range target)
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$53.23 (extreme target)
The red boxes indicate where the price either breaks above or below the prior support (now a resistance level). Currently, the ascending $71.98 level is a resistance which, if broken to the upside, will provide positive momentum to retest the ascending $90.73 level. Naturally, a break below the ascending $53.23 level usually results in that being the next target for the price of the ETF.
