zorro
Short

IBM will continue to fall

NYSE:IBM   INTERNATIONAL BUSINESS MACHS
ibm
16 0 0
ibm
The giant continues to slump with the gap breaking through boundary line of the global triangle, and strong sideways trend at the level of 165.50 was breached as well. A clear flag pattern pointing to trend continuity shaped up below this level. The large volume following the breakout confirms the high probability of a 50% Fibonacci retracement at 159, and then 140 and 123, i.e. targets after having broken out of the triangle. The decline could come quickly and may reach 159 by mid-December and 140 by late January 2015.

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