Friday, November 28, 2014

The curious case of [IBM]

There can be little doubt that my EW count nailed a top for IBM back in this post.  You have to admit, that was a pretty nice (or maybe just lucky) call.  But the recent chart action makes me wonder if I caught the top or just a top.  Why doubt myself now?  Clearly it must have to do with the waves that have transpired since then.  And so it does.  As you can see from the waves below, the action has looked very a-b-c from the peak, not motive at all.  So far the C wave has been fast and furious but that is what we should expect from either a 3 or a C.

Bottom line: this either goes sideways into a 4th and then breaks down to either fill the gap or to the 50 fib but then we are going to have to be watchful because this smells more corrective than motive right now.


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