Since the crash of March 2020, all stocks have tried to recover what they lost, and Berkshire Hathaway was no exception. BRK.B did not only recover the lost, but It also reached historic highs. Now, it is building an impulse from March 2020 lows and we are going to follow to determinate the best area to complete the impulse.
Berkshire Hathaway Old Daily Chart
Wave ((1)) ended as an expanding leading diagonal, the structure could be rare for you because it is not quite common (If you want to learn more about Elliott Wave Theory, please follow this link: Elliott Wave Theory). I think it is better to manage the structure of Berkshire Hathaway in that way instead of a nest, and this is because comparing some cycles in the market has more sense with the current structures of the market. Then we have a clear (A), (B), (C) correction as wave ((2)) and we are developing wave ((3)) in this moment.
Berkshire Hathaway Daily Chart
In Berkshire Hathaway, the wave (4) extended in time ended at 270.73 and the movement of that last days is suggesting that the wave (5) of wave ((3)) is developing. The wave 1 of this impulse completed at 291.82 and wave 2 should end soon. Near term, we are looking for a spike to break 291.82 to know that wave 3 is on the road and the target comes in 300.90 – 316.51 area to complete wave ((3)).