NYSE:IBM   International Business Machines Corporation
D is at the .786. The 2nd peak is higher than the first peak. Price is under the 50 and sometimes patterns fail or morph in to another pattern.

The cypher is a technical wave pattern in which the market is trending but it makes sharp reversals during the day. The important point of the bullish cypher is that both the lows and the highs are trending upwards. For the bearish pattern , the opposite happens.

You can recognize a Cypher by looking at the 2 peaks. The 2nd will be higher than the first peak.

It is labeled XABCD and stop can be placed under D.

AB= 0.382 to 0.618 retracement of the XA swing leg;
BC= extend to minimum 1.272 and maximum 1.414 of the XA swing leg;
CD= retrace to 0.786 of the XC swing leg;

No recommendation.

The shark also has a 2nd peak that is higher than the first peak and pulls to the .886 or the 1.13 on the BC leg as the shark is labeled OXABC verses XABCD like the Cypher . On a shark pattern, some place the stop under C.

Short interest is 2.54% and the short ratio or days to cover is 5.5.

Significant move for IBM today as it is not known as a rocket stock. More a slower mover with a high dividend. Volume does not match the move so far today but may catch up. Possible bullish divergence on RSI is set at 80 and 30.