What I didn’t mention about IBM in today’s commentary is that if the stock does fall to the 176.77 target or perhaps even slightly lower, it will do some very heavy technical damage to the weekly chart. Pivoteers may have noticed that that would refresh the chart’s bearish impulsiveness by taking out at least two important ‘external’ lows. At that point, evidence in this bellwether stock of the gestation of a larger bear market would be overwhelming — not to mention, a dark cloud over the holiday shopping season. Camouflageurs should look to short the move on a rally back up to 187.38, the p of the pattern.
