IBM Wave Analysis – 30 January, 2020

• IBM falling inside corrective wave 4
• Likely to fall to 135.00

IBM recently reversed down from the key resistance level 145.25 (which reversed the price in September) – strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci correction of the previous sharp downward correction A from the start of August.

The downward reversal from the resistance level 145.25 started the active short-term corrective wave 4.

IBM is likely to fall further toward the next support level 135.00 – the breakout of which can lead to further losses toward the next support level 132.40.