Watch [IBM]

In the backlink I was looking for the start of an accelerating breakdown in IBM:



I still think this model is in effect but simply delayed a bit as shown below.  In this model, C' AKA 2' would simply be a gap fill before wave 3 of 3 downward begins.  We will know wave 3 of 3 is in progress when the lower rail show above breaks down.  We should also be seeing Intel break the H+S neckline at the same time.

For those who may be new to the log who have not yet figured out how important the backlinks are, here is my original IBM bear call, something that was clearly counter intuitive at the time.   While I knew there was still an element of chance that my count might be slightly premature, I clearly believed the odds were solidly in favor of a significant reversal.  The long term wave count was clear and in my experience Elliott waves are a real, physical phenomena which happen to be measurable in the movement of herds, the madness of crowds and many other things.