All stocks tried to recover what they lost and Berkshire Hathaway was not exception since the crash of March 2020. BRK.B did not only recover the lost, but It also reached historic highs. Now, it is building an impulse from March 2020 lows and we are going to follow to determinate the best area to complete the impulse.
Berkshire Hathaway Old Daily Chart
As we see in the daily chart, The wave ((1)) ended and the structure could be rare for you because it is not quite common, and it is called an expanding leading diagonal. (If you want to learn more about Elliott Wave Theory, please follow this link: Elliott Wave Theory). I think it is better to manage the structure of Berkshire Hathaway in that way instead of a nest, and this is because comparing some cycles in the market has more sense with the current structures of the market. Then we have a clear (A), (B), (C) correction as wave ((2)) and we are developing wave ((3)) in this moment.
Berkshire Hathaway Daily Chart
In Berkshire Hathaway, the wave (4) extended in time ended at 270.73 and the movement of that last days is suggesting that the wave (5) of wave ((3)) is developing. The wave 1 of this impulse completed at 291.82 and wave 2 should end soon. Near term, we are looking for a spike to break 291.82 to know that wave 3 is on the road and the target comes in 300.90 – 316.51 area to complete wave ((3)).
Elliottwave Forecast updates one-hour charts 4 times a day and 4-hour charts once a day for all our 78 instruments. We do a daily live session where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market at the moment. Let’s trial for 14 days totally free here: I want 14 days of free trial.
Back
