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.
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.
The MACD indicator hasn't really changed much and should soon turn up (white arrow).
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Elliott Wave Counting Tutorial #1
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