Chart of the day

ARKK is being rejected by the medium-term broadening wedge resistance 55 which is also the C point of the ABC Elliott Wave correction.

A rejection here and a break below 45 will confirm that the C point has been finished and we could see a pullback lower to 34. A confirmed break below the 34 level will open a new leg lower and change the count of the five waves downside finished. A break above 55 will lead to an upside reversal in five waves higher.

Short-term short trades could be opened here with a stop loss above 54. Long trades should be opened only upon a confirmed break above 55. I am inclined to see a deeper pullback into 35