IBM Corp.: wave analysis

Timeframe Weekly
Recommendation BUY
Entry Point 176.02
Take Profit 182.50
Stop Loss 173.80
Key Levels 149.60, 164.80, 182.50
Alternative scenario
Recommendation SELL STOP
Entry Point 164.70
Take Profit 149.60
Stop Loss 169.50
Key Levels 149.60, 164.80, 182.50
Upward trend is strong.
Assumingly, an upward impulse continues forming. Locally, the third wave iii of 3 seems to be developing, within which the third wave (iii) of the lower level is forming. If the assumption is correct, the price is expected to continue growing towards the level of 182.50. Critical for this scenario could be the level of 164.80, a breakdown of which would allow the price to fall to 149.60.
Main scenario
Buy the instrument above the level of 164.80 with the target at 182.50.
Alternative scenario
The breakdown and consolidation below the level of 164.80 would allow the price to fall to 149.60.

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