$BRK.B gapped up above a daily downtrend line yesterday following Warren Buffet's letter.
The trend line, that started back in November 2015, was broken but the price was rejected from the 200 SMA line and the completion of bearish Bat pattern.
Now, $BRK.B price needs to prove that the breakout is real.
1. It must close the week above the daily downtrend line....
Do not short yet on open hours, Ride the last bit of bull first.
But get ready to short anytime starting monday or tuesday.
- Bearish divergence
- high RSI
It's too late for the Fed to raise rates. Rather, the Fed will have to print trillions more in the years ahead to, yet again, bail out the likes of Mr. Buffett, who is too big (of a mythomagical persona) to fail.
Entry point at 78,6% Fibo of XC
SL little above X (in fact a strong breakout at the resistance line could be a signal for closing this position)
TP at 61,8% Fibo of CD leg or even lower, because this is a trend following Cypher Pattern
Today looks like it could be the continuation of a small pennant pattern at support.
EMA's are headed lower after a pretty decent cross in March - bearish sign
SMA's crossed bearish about a week ago - bearish sign
ADX is getting slightly high around 40, but has room to move if a big move occurs
Stochastics are looking slightly oversold - look out for a triangle...
