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Updated 14 Months, IBM Circle Cycle Theory

NYSE:IBM   INTERNATIONAL BUSINESS MACHINES CORP
162 0 3
I've made an enormous amount of progress in the past 14 months concerning a price action system that works for me. Tim West asked me to update this chart, and I've cleaned it up, scraped the circle theory idea, and replaced it with my own system that is far more accurate and MUCH more simple.

Essentially, I created this chart with much less understanding of how markets move. Today, I've annotated areas of accumulation, distribution, legs, and levels. The areas of support gained will eventually become support lost as price attempts to retest the Leg Start. This is a rule that price always follows, but could take time. You will also notice that key levels also usually line up with Fibonacci levels. I only use fib levels for all time high breakouts these days, but call it whatever you like, I just included it for those of you that like using fibs.

The target area that I'm interested in is the first touch of the Leg Start around 130, and if momo continues, even a test of the LS Mean Point around 100.

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