The advance like many US stocks appears to be close to ending a large impulse wave that started from 2009 lows. So a 5 wave structure is what we are counting. Currently I still think it needs a pullback for wave 4 of [5], so a dip towards 90.00-92.00 is ideally seen for wave 4, followed by further upside for wave 5 of [5]. Its then that I would strongly advise holders of this stock to think about locking in profits and cashing out. If the current labeling is correct and its close to ending a large 5 wave advance form the 2009 lows, then “Time” is about to run out on this stock.

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I have been monitoring this stock for while for an edge to the INDU/SPX. Back in Jan 2017 I was expecting at least a new high for wave [v] to end wave 3.

Before

Fast forward, not only has BRK.B made a new high for wave [v] of 3, its also pushed above the fibbo target for wave 3 where wave 3 = wave 1 x 1.618, which is a common target for a 3rd wave of an impulse wave. I think the bulls now want to tread carefully, if wave 3 is close to ending we can expect a decent pullback soon for wave 4. Any pullback for wave 4 should also align with a pullback on the SPX/INDU.

Short term, I would like to see a minor new high to then make a clear 5 wave move for wave [v] of 3. Its then I think the bulls may want to think about taking some profits off the table, as if I correct we can expect a substantial pullback for wave 4 towards the 160.00 – 165.00 area.

I am targeting a move towards 19500 on the INDU and 2200-30 on the SPX for their respective wave [4] corrections, so that should see a pullback to around the 160.00 – 165.00 area for BRK.B for its wave 4 correction.

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In the last post on this stock I was looking for a few more gyrations to the upside for  wave 5. Fast forward it appears we have got that upside although wave 5 appears to have morphed into a possible ending diagonal. If it is an ending diagonal, then wave 5 is close to ending. Once 5 waves are finally completed from then Feb 2016 lows I am expecting at least a pullback in 3 waves to correct the advance, although it could see a much deeper decline based under the monthly chart.

A minor new all time highs to end wave [v] of 5 is still needed, a strong reversal back under 34.50 would favor that the ending diagonal and wave 5 had likely completed.

Prior post –  http://www.wavepatterntraders.com/elliott-wave-analysis-of-hudson-pacific-properties-hpp/

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Not sure if this really sets any records but this has seen a crazy decline over the last number of years, its clear the market is pricing in bankruptcy on this stock. Its just issued a private placement in its last earnings report, but I was reviewing those reports and it seems like the general trend is down on the losses. So it could well be possible that this company turns itself around and actually make a profit soon.

From an Elliott Wave perspective, it could well be inside an impulse wave as the recent upside over the last few weeks appears impulsive. If can stay above 6.50, then I like the idea of further upside, it needs a few more gyrations to eventually complete an impulse wave, but if it can continue to move forward as shown, then it can still see a bit more upside towards 12.00 before a 5 wave advance is completed

It looks like someone else believes in the “turn-around” story, there has been some big volume over the 6 months.

You can read about the company here http://www.starbulk.com/en/home its a high risk-high reward trade, but if the company can turn around it could well see a a lot more upside over the coming months. I generally dont look at the “funnymentals” but the crazy decline forced me to look at the reason.

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With the new high, its now possible to count a 5 wave move from the Jun lows. So if you are still long this stock you may want to consider lifting stops around at 240.00 to protect any gains you have.

From the last post I made http://www.wavepatterntraders.com/elliott-wave-analysis-of-goldman-sachs-gs/ it continued a bit higher before wave [iii] ended, but subsequently it has put in waves [iv] and [v], so we have enough gyrations to suggest its time to lock in the $$$ or move your stops higher. With the large RSI divergence, that also adds evidence to the idea that this current move is most likely a 5th wave of an impulse wave so a pullback and move lower is expected to at least correct some of this rally since the Jun 2016 lows.

Dont outstay your welcome if a big reversal is seen back under 240, you may just regret it.

Do you have a stock that you want analyzing? Then why not purchase an Elliott Wave Report, it may just save you a small fortune.