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ARKK (ARK Innovation Fund, ETF)-- Back on August 20, 2025, this is what we discussed about ARKK:Fellow member Pawel has requested an update on Cathie Wood's fund, which in June thrust up and out of a 3-1/2 year base-accumulation period and pattern above 68.40/50 that subsequently climbed to my initial target in the vicinity of 80 (see my attached Daily Chart). Since the 7/21/25 high at 79.19, ARK has been in the grasp of a high-level digestion formation between 70 and 79, but at this time does not look complete. Current weakness into today's low at 71.28 looks like it still "needs" one more new low beneath 70.
Today’s session saw the market drift lower into the FOMC, testing the upper end of support on the ES chart. So far, that zone has held as we head into the final hour of trading. As we’ve been noting, the structure would look cleaner with another push higher to complete wave v on both the ES and NQ. As long as support continues to hold, that case remains on the table.
While there is potential that silver has seen a near term top, GDX may still have one more push higher, and gold is kinda in between these two potentials.Starting with silver, while the upside really does look incomplete at the last high, I have to recognize the potential that it may have topped in a wave (i) pursuant to the count I am tracking on the 144-minute chart. But, we will still need a break down below the 41 level to make this a higher probability. For now, I have added a proposed path for the coming weeks.
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