IBM – failure and a new set up

11/03/2018 – well our IBM pattern failed and got smoked. As I’ve shown before, the candle on IBM is what a ‘failed pattern’ looks like … so, as you can see below we have another BUY pattern emerging on IBM. It’s got some ‘time’ and ‘price’ to go but I’ll be watching the level shown below as MAJOR support for IBM.

Remember, this is pattern recognition. It’s all probability folks. We NEVER know which one will work or not but we ALWAYS no how much we are wiling to risk and WHERE WE ARE WRONG.  In this crazy game, especially in the current volatile market we find ourselves in isn’t that the name of the game …?

Here’s the chart … next.

Bart

IBM pattern failure …

11/2/2018 – ouch.

The area labeled ‘FAILURE OF PATTERN BELOW’ is one of those levels that ‘should’ have acted as extremely nice support for IBM. Guess the operative word is ‘should’ w/ regard to that last sentence.  Take a look at that candle … boom. That folks, is what a pattern failure looks like.

so, if you look below, it’s now setting up for a support zone (dare I say BUY zone) in/around 88-89.  I’ll do some more work on it over the weekend but the BUY PATTERN mentioned w/ @seeitmarket went the way of the buffalo.

Bart

 

Is IBM Stock Heading Into The Buy Zone Again?

certainly appears to be setting up for a nice one …

Bart

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