IBM Wave Analysis – 4 November, 2021

• IBM broke support level 124.00

• Likely to fall to support level 117.50                                                                        

IBM opened today with the downward gap, breaking below the support level 124.00 (low of the previous impulse wave (iii)).

This breakout of the support level 124.00 accelerated the active short-term impulse wave C – which belongs to intermediate ABC correction (2) from March.

IBM can be expected to fall further toward the next support level 117.50 (previous monthly low from January and the target for the completion of the active impulse wave C).