Sep 16, 2020, 7:43:37 AM
IBM Corp.: wave analysis
The price may grow.
On the daily chart, a downward correction developed as the fourth wave of the higher level 4, and the formation of the wave 5 started, within which the wave 1 of (1) of 5 develops. Now, a local correction has ended as the second wave of the lower level ii of 1, and the wave iii of 1 is developing, within which the wave (ii) of iii has formed. If the assumption is correct, the price will grow to the levels of 145.11–157.75. In this scenario, critical stop loss level is 114.88.
Main scenario
Long positions will become relevant during the correction, above the level of 114.88 with the targets at 145.11–157.75. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 114.88 will let the price go down to the levels of 105.40–90.54.
Scenario
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Timeframe
Weekly
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Recommendation
BUY
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Entry Point
122.64
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Take Profit
145.11, 157.75
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Stop Loss
114.88
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Key Levels
90.54, 105.40, 114.88, 145.11, 157.75
Alternative scenario
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Timeframe
Weekly
-
Recommendation
SELL STOP
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Entry Point
114.85
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Take Profit
105.40, 90.54
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Stop Loss
118.00
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Key Levels
90.54, 105.40, 114.88, 145.11, 157.75
