ARK Trend and Price Chart Analysis - Elliot Impulse Wave second market cycle prediction
ARK is starting its second market cycle and it's all about Support and Resistance levels !
Coin: ARK/BTC - Bittrex
Entry point: 0.00043055 - 0.00046790 (close to .236 Fib. Level)
Target points:
Target 1 - 0.00058000 (Fib. Level .382)
Target 2 - 0.00070000 (Fib. Level .5)
Target 3 - 0.00083000 (Fib. Level .618)
Stop Loss - 0.00056840 (Once the price starts going towards the .382 Fib. Level, we set the stop loss at this level where the price had two previous resistance points, once it crosses .382 Fib. Level, those will become strong support levels)
If we take a look at the evolution of ARK since April 2017, we can see it already did its first market cycle. We hit a very nice 1-2-3-4-5 Elliot Impulse Wave, with the 5th point sitting nicely a bit above 0.0012 satoshis.
As expected, a correction was mandatory, and it was formed with a classic zigzag A-B-C correction on the Elliot Wave:
Now we are in a state where the coin already started it's second market cycle and we want to take a part of it !
We are already at the 2nd point on the 1-2-3-4-5 Elliot Impulse Wave with the price, and we are shooting for the 3rd point which will fall at the .5 Fib. Level. (I believe it will be this level because on the first market cycle, the 1st point on the Elliot Impulse Wave was around .236 Fib. Level and the 3rd point was close to .382 Fib. Level, meaning we got one level increase on the Fib. Level between the 1st and 3rd point).
https://www.tradingview.com/chart/ARKBTC/g6ln6b2O-Ark-on-the-2nd-market-cycle/
We enter the market now, close to .236 Fib. Level, and right the wave all the way to the target area which is between .618 and 1.0 Fib. Level (the previous highest high).
Like stated before, the impulse wave between 1st and 3rd point will be 1 level increase of Fibonacci from .382 to .5 but it's interesting to see that previously close to October, we had a resistance point there. As soon as we break that resistance after the 4th point on the impulse wave, we are on our way towards our target area.
Based on this, a very nice cup & handle pattern forms here (yellow line) on the .5 Fib. Level, and the handle will fall perfectly between the 3rd and 4th points of the impulse wave.
Hold this coin until around mid February when we expect that it will be on the way towards our target area, so arm yourselves with patience !
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