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IBM trade ideas

IBM: Processing… 💻IBM is still processing wave b in red – the second step of a three part downwards movement, which should soon lead to the low of wave B in turquoise. As soon as wave B in turquoise is complete, the share should turn upwards to climb above the resistance at $139.47. There, IBM should conclude wave 2 in green before a significant downwards movement should take hold. However, there is a 35% chance that IBM could rise above $139.47 directly to develop a new top of wave alt.A in turquoise first before turning downwards again.
NYSE:IBM
by MarketIntel
Mega running triangle in the makingI inadvertently stumbled upon the chart of IBM last night and I was intrigued with the pattern that has developed over the past thirty plus years since 1999 (the dot.com crisis). Economists and market analysts have been talking about the US economy undergoing a recession of late because of the interest rate hike and the sticky inflation, with the US stock market showing signs of bearishness. I am not on the side of the bearish camp and I believe that we are currently undergoing a correction which will end in the foreseeable future. The financial stocks are a good harbinger for the US economy and I believe the correction of the financial stocks is going to end soon. I have been using goldman sachs as a proxy. I will post my analysis of GS when the right opportunity arises. Back to IBM. I reckon it is on the path of completing the wave E of the 'mega' running triangle that has developed over the 34 years as depicted on the weekly chart. Let me expound on it. Wave A : W -X - Y formation. W is a flat, followed by X, and Y is a zigzgg. Wave B : The longest wave in the triangle that explains why we are getting a running triangle. I will breakdown wave B into a W-X-Y formation. Wave W is a abc pattern. I will label this as a elongated flat. 'a' wave is a leading diagonal follow by a steep descent, wave b, and a five waves 'c' wave. Wave X is a regular flat pattern followed by Wave Y, a triangle. It may be difficult to see the triangle legibly on the weekly chart, but can be viewed visibly on the daily chart. Wave B is labelled as a double combination wave. Elongated flat (W)-(X)-triangle (Y). Wave C : It is a classic zigzig abc pattern. 'a' wave is a five wave impulse pattern with third wave extension. 'c' wave is a expanding ending diagonal. Wave D : It has sufficient waves to label it as a W-X-Y pattern, but corrective waves are tricky. A decisive breakdown below 125 will give a good indication that wave D is completed and that we are on the path to wave E Wave A, B,C and D ( white label) are all but corrective three waves. Once wave E is completed in the region of 100. IBM will be riding on its impulse wave C (orange label) to a new high. IMHO.
NYSE:IBM
by brown_maverick
Crooked W // Bearish CypherThis pattern is called bearish as it looks like a crooked W and the 1st leg is down. The 4th leg is an up leg and terminates near the .786. It is only bearish if you get stuck at the top of that 4th leg since this pattern reverses there. There is money to be made or a long if you catch a bearish harmonic pattern close to the bottom of the 3rd leg. Valley 2 is lower than valley 1 in the bearish version. In the Bullish Cypher, peak 2 will be higher than peak 1. This pattern shares some characteristics with the Shark pattern. The Shark seems to be more common than Cyphers are. No recommendation. There are a lot of red candles in a row representing a large amount of selling pressure. This could lead to a pull UP soon. It is not quite oversold with RSI reading 36.6
NYSE:IBM
by lauralea
Bear FlagFlags are neutral patterns whether the pole is up or down. Rising wedge at the top that has long since corrected coupled with an RSI diversion at the top. If these 2 technical technical patterns happen at a top, it is usually the top and time to run. This one is Down and it appears IBM is going with the flow of a downward break from classic bear flag. No recommendation/It can be more difficult to call a top than a bottom in my experience as bullishness will persist until the security is so over extended, it can be almost daunting. For a bear flag, I take the pole and project it up or down in the opposite direction of where the flag is heading, I also use the opposite trendline. IE if it breaking down, if use the top trendline of the flag and project the pole down from that point. There are different ways to calculate flag targets and we are all different. M pattern may ne in formation which influence my targets. Good luck.
NYSE:IBM
by lauralea