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IBM Corp., Elliot Wave Analysis

1/25/2023 10:12 AM

The price is in a correction and a fall is possible.

On the daily chart, the first wave of the higher level (1) of 5 develops, within which the wave 3 of (1) ended, a correction formed as the wave 4 of (1), and the wave 5 of (1) develops. Now, the entry first wave of the lower level i of 5 has formed, and a downward correction is forming as the second wave ii of 5, within which the wave (a) of ii has developed, the wave (b) of ii has ended, and the wave (c) of ii is developing. If the assumption is correct, the price of the asset will fall to the area of 134.20–129.50. In this scenario, critical stop loss level is 147.50.

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