My last call on $ARKW was here. Now, while we are moving in the right direction, I am seeing topping signs in many places, and the bears might have the bulls right where they need them to be. So, I am cancelling that call. A couple of reasons, the biggest one of which is the extra dip we’ve had since that original call (which has become minor [green] B on the count below). It makes counting that whole thing as a “2” a bit odd, because it’s now so big.
So, reconsidering the structure, it all counts well as a correction, too, and we would expect intermediate (orange) B to top out right in the range of the box it’s in now. This breach of trend line might very well be a terrific bull trap. The expected target for another leg down in the correction would take us to the orange box below, and I think there is a very good chance we may do so.