IBM Jan 28

IBM appears to have made a “flat” right under the top and double top. The typical signature of this pattern is an A-B-C with both they A and the B made up of an a-b-c and the C a simple 5-wave structure. Often the C=A at least as a factor, however near the top the C can easily become much larger. Alternatively the second top could be construed as a 5th failed wave. In the big scheme of things either interpretation is bearish even if another $5 up cannot be excluded.


ibm-jan-28-2This is a big picture sell.