ARK Israel Innovative Technology ETF – IZRL (1D) Elliott Wave Technical Analysis

Chart: Daily

Function: Major Trend (Minor Degree - Grey)

Mode: Motive

Structure: Impulse

Position: Wave 2

Direction: Decline

Details:

A sharp rally in wave 2 is currently underway in a combination structure.

The $23.9000 level is identified as the key zone for the correction’s end and potential reversal.

After wave 2 completes, the next move should push below the wave 1 low, forming five downward waves targeting the wave B of (B) bottom.

If the rally surpasses the previous wave 1 high, the $21.5720 level may represent wave [iv] of an extending impulse.

Invalidation Level: $25.4600

ARK Israel Innovative Technology ETF – IZRL (1W) Elliott Wave Technical Analysis

Chart: Weekly

Function: Major Trend

Mode: Corrective

Structure: Zigzag

Position: Wave 2

Direction: Decline

Details:

Wave (C) orange is currently active and is expected to fully retrace wave (B).

The decline should consist of five waves and be less complex than wave (A).

A break below the corrective channel’s lower boundary will confirm the end of wave (B).

Zigzag confirmation comes with a break below the $15.1500 level.

Invalidation Level: $25.4600

Conclusion & Strategy Notes:

IZRL remains in a broader declining trend.

Wave 2 is expected to finish around the 61.8% retracement level, followed by a decline below the wave 1 low at $21.5720.

Awaiting the completion of the wave 2 correction presents a strategic opportunity for long entries.

Traders should monitor Elliott Wave rules closely and respect invalidation levels to avoid unnecessary risk.

Technical Analyst: Siinom

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