IBM Corp.: wave analysis 29 May 2019, 09:47

IBM Corp.: wave analysis

29 May 2019, 09:47

Scenario
Timeframe	Weekly
Recommendation	SELL
Entry Point	130.63
Take Profit	127.00, 121.22
Stop Loss	134.15
Key Levels	121.22, 127.00, 136.94, 145.60, 150.00

Alternative scenario
Recommendation	BUY STOP
Entry Point	137.00
Take Profit	145.60, 150.00
Stop Loss	134.10
Key Levels	121.22, 127.00, 136.94, 145.60, 150.00

The price may fall.
On the 4-hour chart, the upward correction of the higher level formed as the fourth wave (4), and the development of the wave (5) began. Now, the wave 1 of (5) of the lower level is forming, within which the local correction iv of 1 has formed, and the wave v of 1 is developing. If the assumption is correct, after the end of the correction, the price will fall to the levels of 127.00–121.22. In this scenario, critical stop loss level is 136.94.


Main scenario
Short positions will become relevant during the correction, below the level of 136.94 with the targets at 127.00–121.22. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 136.94 will let the price grow to the levels of 145.60–150.00.