Details: We are looking at a bottom in wave (4) in place as we hit the base of the parallel trend channel and we seem to have reacted from it in quite the impulsive manner for the past week.

BRK.B Elliott Wave technical analysis – Daily chart

We are observing a potential bottom in wave (4) as the price touched the base of the parallel trend channel and reacted sharply in an impulsive manner over the past week. This suggests the start of wave 1 of the final leg (wave 5), indicating a continuation of the uptrend.

BRK:B Elliott Wave technical analysis

Function: Trend

Mode: Impulsive

Structure: Motive

Position: Wave 1 of (5).

Direction: Upside in wave 1.

Details: Looking for a complex correction here as when we zoom in it seems like we had three waves of threes(double three). Looking for upside into wave 1 of (5). The strong reaction off equality of Y vs. W adds additional confirmation.

BRK.B Elliott Wave technical analysis – One-hour chart

On the 1H chart, we're seeing signs of a complex correction, with the wave structure appearing as a double three (three waves of threes). The strong upward reaction from the equality level of Y vs. W further supports the bullish scenario. We expect wave 1 of (5) to unfold next, continuing the upward momentum.

This analysis of Visa Inc., (V) focuses on both the daily and 1-hour charts, using the Elliott Wave Theory to assess current market trends and forecast future price movements.

Berkshire Hathaway Inc. (BRK:B) Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold battle around $5,000 continues

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.