Details: Looking for upside into wave (5) as we seem to have bottomed in wave (4) after what appears to be a three wave move. Looking for further upside as we are just below TradingLevel5 at 500$.

Berkshire Hathaway Inc., (BRK.B) 1H Chart

BRK.B Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave 1 of (5).

Direction: Pull back in wave 2.

Details: Looking for completion in wave 2 of (5), as we seem to be missing at least another leg lower after what appears to be a three wave move in wave 1. We could see a pullback around 465$.

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

BRK.B Elliott Wave technical analysis – Daily chart

On the daily chart, BRK.B is expected to continue rising as it begins wave (5) after what looks like a completed three-wave corrective structure in wave (4). The stock is positioned just below the TradingLevel5 at $500, which is expected to act as resistance. Breaking through this level would confirm further upside potential into wave (5).

BRK.B Elliott Wave Technical Analysis – One-hour chart

On the 1-hour chart, BRK.B is in the process of completing wave 2 of wave (5). There appears to be another leg down missing before this wave is complete, suggesting that wave 2 is still unfolding. A support level around $465 could provide a potential turning point, where the stock may find a bottom before resuming the upward movement in wave 3 of (5).

Technical analyst: Alessio Barretta.

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.

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