Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) stands as a beacon of enduring success in the investment world. With a reputation built on prudent financial decisions and a long history of market acumen, Berkshire Hathaway has become synonymous with stability and prosperity. In this article, we dive into the latest developments and signals that suggest a promising bullish trajectory for this iconic conglomerate based on Elliott Wave Theory.
Both classes of Berkshire Hathaway stock represent ownership in the same company, Class A shares come with higher price, more voting power, and the ability to convert into Class B shares. Class B shares offer more accessibility and liquidity for retail investors.
BRK witnessed a pivotal week, surging to a fresh all-time high beyond its 2022 peak. This breakthrough establishes a robust weekly bullish pattern from the 2020 low, signaling prospective upward momentum targeting the $460 - $580 range.
The weekly bullish sequence reinforces the daily cycle above October 2022’s low at $259.85, indicating potential buying chances in subsequent pullbacks of 3, 7, or 11 swings. The current cycle displays a 3-wave pattern from the previous year’s low, indicating potential near-term upside until it completes a 5 waves structure. It’s worth noting that BRK has already entered the equal legs area of $354 - $392 from its 2022 low. This suggests an impending final phase within the current daily cycle. Hence, pursuing the stock in this juncture of the short-term cycle may yield gains but with increased risk.
To sum up, the trajectory of Berkshire Hathaway continues to be bullish, fortified by a fresh bullish sequence bolstering the multi-year cycle. As a result, investors are advised to remain vigilant for potential buying opportunities during forthcoming daily retracements.
BRK.B Daily Chart 8.15.2023
