ARK is still well within the boundaries of the Broadening Pattern. After tagging the upper blue line, price has returned to the lower support line and seems to be bouncing off. ARK wants the correction to end; however, it could potentially produce another bull wick scenario.
Here are the finer Elliott Wave labels. IF the abc count is correct, then it could be labled as a zigzag since wave A has five subwaves. This means that wave C also requires five subwaves and its count shows that i,i,ii,iv are likely complete and placed. That leaves wave v and it could be how another bull wick could be formed as its placement would likely require one more lower low. Would this require BTC to also generate a lower low? Not necessarily; as during the July and Sept of 2017 corrections, BTC turned up while many Alts were still making slightly lower lows.
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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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