BRK.B Elliott Wave Analysis Daily Chart, 7 February 24
Trading Lounge Berkshire Hathaway Inc., (BRK.B) Elliott Wave Technical Analysis offers invaluable insights into market trends and trading opportunities. Today, we delve into the daily and 4-hour charts to discern the unfolding patterns and identify potential trading scenarios.
Daily Chart Analysis:
- Trend Functionality: The Elliott Wave analysis on BRK.B's daily chart reveals a prominent trend, characterized by a motive structure.
- Impulse Mode: The prevailing mode suggests an impulse pattern, indicating sustained directional movements.
- Motive Structure: The current structure highlights Minor wave 5 of (1), showcasing a motive phase in the market cycle.
- Positioning: BRK.B appears to be in the midst of Minor wave 5, with indications pointing towards a top formation in wave 5.
- Directional Insight: As we witness the progression of Minor wave 5, particularly in wave {iii} of 5, attention is drawn to the $400 resistance level as a potential barrier.
BRK.B Elliott Wave Analysis Trading Lounge 4Hr Chart Analysis, 7 February 24
Berkshire Hathaway Inc., (BRK.B) 4H Chart:
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Trend Functionality: Transitioning to the 4-hour chart, the Elliott Wave analysis continues to unveil valuable insights into BRK.B's market dynamics.
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Impulsive Mode: The mode remains impulsive, suggesting dynamic price movements conducive to trading opportunities.
- Motive Structure: Similar to the daily chart, the 4-hour chart emphasizes a motive structure, highlighting wave {iii} of 5.
- Positioning: Wave {iii} of 5 takes precedence on the 4-hour chart, indicating an advanced stage within the broader wave structure.
- Directional Insight: Notably, the extension into wave (iii) of {iii} signifies a robust upward momentum, particularly evident in the minor correction around $380, suggesting a lower degree correction.
In conclusion, the Elliott Wave analysis on BRK.B's daily and 4-hour charts presents a comprehensive outlook on market trends and trading opportunities. By understanding the intricate patterns and structural formations, traders can navigate the markets with confidence and precision.
Technical Analyst: Alessio Barretta
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Welcome to our BRK.B Elliott Wave Analysis Trading Lounge, your go-to source for comprehensive insights into Berkshire Hathaway Inc. (BRK.B) through Elliott Wave Technical Analysis. As of the Daily Chart on 7th February 2024, we delve into pivotal trends shaping the market.
*BRK.B Elliott Wave Technical Analysis – Daily Chart*
In terms of wave dynamics, we discern a dominant impulse function with a motive structure. The current position is in Minor wave 5 of (1), indicating a potential top in wave 5. Our attention is fixated on the unfolding of Minor wave 5, manifested in a five-wave sequence, particularly as we appear to be in wave {iii} of 5. We anticipate resistance around the $400 mark.
*BRK.B Elliott Wave Technical Analysis – 4Hr Chart*
Here, the wave function remains impulsive with a motive structure. The present position is in Wave {iii} of 5, suggesting an extension into wave (iii) of {iii}. Notably, the pullback around $380 appears smaller than what is labeled as wave {ii}, indicating a lower degree correction. This suggests a potential wave (iii) of {iii} scenario.