Watch [IBM], it will not be going down alone.

In my last installment on the IBM thread, I indicated that the odds were strong that IBM was probably rolling over.  Today I think that the roll over has already started and now I am looking for technical trigger points that confirm big blue is going to be hazardous to the wealth of investors.  The first thing to note (blue circle) is that the chart has turned red in terms of sellers vs. buyers.  That has not happened since 2009!!  If this is going to turn into a wipe out then the next (and last) support line will be the bottom of the channel.  If the area within the red ellipse cannot buoy the share price then a major pull back will be confirmed. 

Of course it was pretty clear to me that the shares were likely topping back in May of this year when I wrote this negative post on the stock, based on nothing more than the chart pattern.  So while it remains to be seen what happens on the lower support test, I'll tell you here and now that I think the odds are low that it will hold.  I certainly would not own the shares right now.  Not with this kind of technical setup for disaster.