IBM eyes on $163.30 then $158 for possible Bottoms of correction

May 6

IBM had the business office monopolized but then lost it.
PC's came and they said "it's a fad, we have TYPEwriters"
AI came and they said "we have Watson, he plays chess"

It has however been in an uptrend with the market.
Retrace is now testing a key support fib at $163.30
If that one fails, we have a fallback fib at $157.99

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May 9

Comment

Nice bounce from our fib:


Zoom in (m5) with notes about the fibs:

We mostly bounced off Genesis fib at $163.30,
after piercing and hitting local fib at $162.82.
We are now past Covid Stimulus fib at $168.35.

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Adding a fib to our bounce and looking above:

Now we have next two resistances to watch, 170.xx then 172.xx

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SUMMARY:
- Good chance that bottom is in.
- Next targets are 170.xx then 172.xx
- High support is Covid fib at $168.35

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May 13

Comment

Follow up to last snapshot

We did NOT reach either target,
sure looked like it was going to,
but must have been some news?

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Zoom out (h2)

We now see a resistance zone 167.77-168.35

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SUMMARY:
- Bounce was rudely interrupted by unknown cause.
- Currently testing a resistance zone from underside.
- If we do not break in a day or two we may get new lows.

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May 23

Comment

Broke initial resistance and popped to the next one:


Zoom in (m5) with notes;

Nice launch from previous Resistance now support (hopefully).
We have bounced into a "Moderate" Resistance with a fib confluence,
with a Covid Stimulus fib which has a strong influence on all assets.

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SUMMARY:
- Very good chance we have found the bottom.
- Bounced strongly into a Moderate reistance now.
- Watching $175 for resistance that bulls must flip.

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May 31

Comment

"Moderate Resistance" stronger than expected

(in follow up to last snapshot above)
As feared, mapped resistance did us in.

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Zoom OUT (h4)

What knocked it down was the Covid Stimulus fib at 174.76,
so we look for a pass to its golden sister below at $157.99,
assuming bears can break the Genesis fib at $163.30

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SUMMARY:
- Bearish day put a damper on things.
- Expecting a lower low to $157.99

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Oct 12

Comment

44% gains and still Going!

Yup, 44.42% since posting entry levels.

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Adding local fib and marking confluence zones:

Gives clear support and resistance zones of interest.
Porbably getting overextended, taking more profits.
Also moving trailing stop up with zones as defenders.

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$ 242.37 - 243.03 a good spot for next TP.
$ 229.58 - 230.71 a good short term SL.
$ 216.70 - 218.38 a good long term SL.

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Oct 13

Trade active

44% and still Going!

Yup, 44.42% since posting entry levels.

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Adding local fib and marking confluence zones:

Gives clear support and resistance zones of interest.

$ 242.37 - 243.03 a good spot for next TP.
$ 229.58 - 230.71 a good short term SL.
$ 216.70 - 218.38 a good long term SL.

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