"No warning can save people determined to grow suddently rich" - Lord Overstone

  • 6 hours OPEC ‘Supergroup’ Keeps Oil Exports Subdued
  • 7 hours One Belt, One Road, One Direction for Precious Metals
  • 9 hours Vicious Trio Keeps Bitcoin in Chokehold
  • 11 hours How Infrastructure Is Driving A Commodity Boom
  • 12 hours What’s Really Happening With Venezuela’s “El Petro?”
  • 14 hours Gold Bull and Bear Markets
  • 1 day 5 Big Drivers of Higher Inflation Rates Ahead
  • 1 day U.S. And China To Face Off Over Aramco IPO
  • 1 day Gold Bulls, Brace Yourselves – Fed Hikes Are Coming!
  • 2 days Stocks Fail to Hold Gains, But Still No Correction
  • 2 days Cryptojacking: A New Threat Vector To Critical Infrastructure
  • 2 days Why The Next Oil Boom Will Be Fueled By Blockchain
  • 2 days 5 Things Investors Should Know About China this New Year
  • 3 days Is The South Korean Crypto-Drama Finally Over?
  • 3 days Miners’ Rally? What Rally? Watch Out for More Fake Moves!
  • 3 days Four Percent 10-year Note Yield Will Be a Floor Not a Ceiling
  • 3 days The End Is Near
  • 3 days 5 Record Breaking Gemstones Even Billionaires Can’t Buy
  • 3 days Irredeemable Currency De-tooths Savers
  • 4 days CFTC Offers Bounty For Crypto Pump And Dump Whistleblowers

Elliott Wave Analysis of Berkshire Hathaway (BRK.B)

I have been monitoring this stock for while for an edge to the INDU/SPX. Back in Jan 2017 I was expecting at least a new high for wave [v] to end wave 3.

Before

Berkshire Hathaway Before Daily Chart
Larger Image

Fast forward, not only has BRK.B made a new high for wave [v] of 3, it's also pushed above the fibbo target for wave 3 where wave 3 = wave 1 x 1.618, which is a common target for a 3rd wave of an impulse wave. I think the bulls now want to tread carefully, if wave 3 is close to ending we can expect a decent pullback soon for wave 4. Any pullback for wave 4 should also align with a pullback on the SPX/INDU.

Berkshire Hathaway After Daily Chart
Larger Image

Berkshire Hathaway versus Dow Industrials Long-Term Chart
Larger Image

Short term, I would like to see a minor new high to then make a clear 5 wave move for wave [v] of 3. Its then I think the bulls may want to think about taking some profits off the table, as if I correct we can expect a substantial pullback for wave 4 towards the 160.00 - 165.00 area.

I am targeting a move towards 19500 on the INDU and 2200-30 on the SPX for their respective wave [4] corrections, so that should see a pullback to around the 160.00 - 165.00 area for BRK.B for its wave 4 correction.

 

Back to homepage

Leave a comment

Leave a comment




Don't Miss A Single Story