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ARKK (ARK Innovation Fund, ETF)-- Back on August 20, 2025, this is what we discussed about ARKK:Fellow member Pawel has requested an update on Cathie Wood's fund, which in June thrust up and out of a 3-1/2 year base-accumulation period and pattern above 68.40/50 that subsequently climbed to my initial target in the vicinity of 80 (see my attached Daily Chart). Since the 7/21/25 high at 79.19, ARK has been in the grasp of a high-level digestion formation between 70 and 79, but at this time does not look complete. Current weakness into today's low at 71.28 looks like it still "needs" one more new low beneath 70.
I cannot ever remember a time where I have seen so many diagonals within diagonals as compared to what we are seeing today in the SPX. And, the current structure seems to want to push even higher with a bigger diagonal, as I outlined recently.With the market moving through the resistance noted in the futures, I am forced to assume that this last 5-wave structure is taking shape as a larger diagonal, as outlined in the 15-minute futures chart.
Today’s session saw the market drift lower into the FOMC, testing the upper end of support on the ES chart. So far, that zone has held as we head into the final hour of trading. As we’ve been noting, the structure would look cleaner with another push higher to complete wave v on both the ES and NQ. As long as support continues to hold, that case remains on the table.
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