BRK.B - Wave 4 Setup Before the Next Explosive Move
By:TradingView
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Berkshire Hathaway has formed an impulsive 3rd wave extension on the weekly chart. Right now, the stock is forming a 4th-wave correction, with wave X completing at 516.85 and wave Y now underway.
Wave Y is at the middle line of the corrective channel, and if it breaks below the middle line, then we will see a downward move up to sub-wave 4 of primary wave 3.
For now, Fibonacci cluster levels also suggest 440 as the correction's endpoint. After the completion of wave 4, traders can go long for the following targets: 472, 506, and 545.
Traders should wait for confirmation before taking any position in this stock to maintain the reward-to-risk ratio.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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