ARK Technical Analysis Shows that Price is Traversing within a Broadening Pattern

SUMMARY

When price traverses within a broadening pattern, it does so in a manner that alternates the touches between the top and bottom trend lines. This is the third most common type of pattern in the Cryptosphere, though not as frequent as the bullish Cup & Handle.

The below chart shows that a complete impulse motive has been placed. The resulting correction is thus far in the ABC format but it is most likely not the end of the correction. Still, when price is sitting on the bottom trend line, there are bullish implications. Back when ARK was at wave 4; I had call it the "Ark of Wealth" and had drawn the same broadening pattern showing price sitting on the bottom trendline as support. I believe the same name can be reapplied. However, the correction is likely not yet complete.

Between waves 1 and 3 as well as 3 and 5; a rounding bottom pattern can be identified as shown in below chart. The potential for a third consecutive price rounding pattern is drawn and in white arrow.

The basin phase of the pattern is likely where time consuption will take place and the wxyxz as subwaves can provide the required sideways price action. From a timing perspective, it could lead into May/June months.

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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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