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Red hot Ark ETF (ARKK) has cooled off of late, losing over 30% of its value. Is it about to fall another 30%?

If this pattern is correct, it is possible it does!

ARKK looks to have formed a bearish descending triangle over the past 14-weeks. Currently, it is testing the bottom of this bearish pattern.

If support breaks at (1), the “measured move” suggests ARKK could fall another 30%.

This ETF has been a proxy of the strength or lack of in the tech sector.

How ARKK handles this pattern, should send an important message about tech stocks over the next few weeks!