<center>![](https://steemitimages.com/DQmWPk9pGawtxkJQ11KtjmsDaJ4Nnz84ggyRCdVJsq6f8TZ/image.png)</center>
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**SUMMARY**

The short term count for ARK/USD shows that sicne the yellow Z wave of C bottom, five waves of an impulse have completed (blue). Elliott Waves states that after five waves, there is a correction. And that's what's been occuring as shown by the red ABC waves. Could price again temporarily pierce the lower yellow trend line? Yes and it'll still be a valid correction at around 0.78 Fib level. 

![](https://steemitimages.com/DQmX1y1vHs5TowmNuP1vZ4wWxLh1xTzEKqTXqeU4x6RZBUE/image.png)

Even the longer term shows that wave 2 (white) is in progress as shown in the below chart. The broadening pattern is still intact. The key is to what depth will the retracement take? Probably 0.618 Fib level.
![](https://steemitimages.com/DQmU1LjR1QS4wz8cJhfj2nZbh5qQHSrw5PAN2UyWMmbhkcJ/image.png)

The MACD indicator hasn't really changed much  and should soon turn up (white arrow). 
![](https://steemitimages.com/DQmTNjSSH2mBQc8xa7bMg2ufMc7GCt9aZY2zm8J4qwCMGoM/image.png)




**Legal Disclaimer**: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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. </center>


Please consider reviewing these Tutorials on:
[Elliott Wave Counting Tutorial #1](https://steemit.com/bitcoin/@haejin/elliott-wave-tutorial-1-by-haejin)
[Elliott Wave Counting Tutorial #2](https://steemit.com/bitcoin/@haejin/elliott-wave-tutorial-video-2-zig-zag-and-flat-corrections-how-to-recognize-and-label-corrective-waves)
[Elliott Wave Counting Tutorial #3](https://steemit.com/bitcoin/@haejin/elliott-wave-tutorial-iii-how-to-label-and-apply-triangle-price-corrections)
[Laddering](https://steemit.com/bitcoin/@haejin/an-effective-buying-and-selling-strategy-laddering-a-tutorial-on-to-cast-a-ladder) and [Buy/Sell Setups](https://steemit.com/bitcoin/@haejin/when-to-buy-and-sell-using-elliott-waves-a-tutorial). 
[Laddering Example with EOS](https://steemit.com/bitcoin/@haejin/eos-target-usd3-22-analysis-update-live-real-time-laddering-example-you-don-t-want-to-miss-this)
[Tutorial on the use of Fibonacci & Elliott Waves](https://steemit.com/bitcoin/@haejin/tutorial-on-the-use-of-fibonacci-ratio-and-elliott-waves)
[@haejin's Trading Nuggets](https://steemit.com/bitcoin/@haejin/haejin-s-trading-nuggets-all-learned-through-tonnages-of-failure-experiences)
[Essay: Is Technical Analysis a Quantum Event?](https://steemit.com/bitcoin/@haejin/essay-is-technical-analysis-a-quantum-event)

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