Nickonomics
Short

Shorting IBM on weak fundamentals and appropriate wave structure

NYSE:IBM   INTERNATIONAL BUSINESS MACHS
164 2 5
Yesterday the company published a mixed earnings report. It reported:
* earnings per share of $3.84 versus expected $3.78; that's a beat.
* revenue of $20.8 billion versus $20.95 billion, that's a miss, and the 13th consecutive quarterly decline.
The stock lost nearly 5% in the after hours. We are expecting more downside, as the wave count suggests the continuation of a longer-term downtrend. Stop-loss is a daily close above 170.
Entered short @ 166 with a tighter stop. If yesterday's drop is a first wave, the second wave shouldn't retrace more than 61,8-76,4%
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Good call !!! Do you think it is close to the end of the decline?
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