Video Chart Analysis on MS, GS, WFC and BRK.B
Today's Stock Waves Charts of the Day video examines financial stocks Morgan Stanley (MS), Goldman Sachs (GS), and Wells Fargo (WFC), as well as Berkshire Hathaway (BRK.B).
MS has had a nice 5 waves down from its July top, which ideally completes the first wave down in wave 3. Within this second wave up (circle wave ii on the chart), watch for a move up to the 41.33-42.14 range, which is the 38.2% to 50% Fib extension, before the stock rolls back over and resumes the downside heading back below the December low as circle wave iii of 3 next.
GS also is showing 5 waves down from the July top in the first wave of a larger wave lower, and appears to be in a second wave bounce. That could project to a near-term retrace toward 207.50 before the downtrend continues in the larger (C) wave on the chart.
WFC has been in a downtrend since its January 2018 high. That highs appears on the chart as a (B) wave top, and the stock now looks to be in the 5th wave down of the ending diagonal (C) wave.
BRK.B isn't necessarily financial but always grouped with those names. Bear flag has been filling out since the beginning of the month, and based on the initial 3 waves down is most likely in the circle a wave within wave 3, within an larger ending diagonal (C) wave down on the chart.