IBM Corp.: wave analysis 03 December 2018, 08:35

IBM Corp.: wave analysis

03 December 2018, 08:35

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	124.19
Take Profit	129.04, 134.03
Stop Loss	122.55
Key Levels	100.00, 107.00, 116.70, 129.04, 134.03

Alternative scenario
Recommendation	SELL STOP
Entry Point	116.65
Take Profit	107.00, 100.00
Stop Loss	119.90
Key Levels	100.00, 107.00, 116.70, 129.04, 134.03

The price is in correction and may grow.
On the 4-hour chart, the downward trend develops as a third wave of the higher level 3. Now the third wave of the lower level iii of 3 has formed, and the upward correction iv of 3 is developing, within which the wave (b) of iv has formed, and the wave (c) of iv is developing. If the assumption is correct, the price will grow to the levels of 129.04–134.03. In this scenario, critical stop loss level is 116.70.


Main scenario
Long positions will become relevant during the correction, above the level of 116.70 with the targets at 129.04–134.03. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 116.70 will let the price go down to the levels of 107.00–100.00.