Professor Elam

Tuesday April 24, 2018

Monday may well have been a turning point for the stock market. By that I mean the correction may well have ended and higher prices lie ahead.

Bullish Percent  200 Day MA

The ribbons of four EMA are converging. That happens prior to a change in trend. MACD and RSI have risen off the multiple bottoms in this indicator.  The overall market is really more oversold than the averages, boosted by a handful of stocks, indicate.

BRK/B Berkshire Hathaway Daily

One hears a lot about what Warren Buffet says and does but one rarely sees a recommendation to buy his flagship company.While high, the stock has pulled back in a classic A B C fashion.  MACD is just turning up after a double bottom.RSI has worked off its over bought status which peaked in late January.

BRKB Weekly

both BRKB and MACD exhibit four waves with four probably complete this week.

BRKB Weekly Close Up

Again the EMAs are converging, MACD looks to be bottoming RSI has worked off the over bought condition.

If here is a canary for the stock market this is it. Wave One advanced 25 points. Could it be that Wave Five will do the same carrying us into the November elections?