The near term E-waves show the Oct '07 high to Nov '07 low is motive. Since then a flat corrrection took place. Wave c of the flat is an ending diagonal which completed this week. An ending diagonal signals a sharp revesal is ahead; in this case the price should fall.
The flat comes at the beginning or end of the longest wave of the series, so Wave 3 will drop IBM share prices $40 to $55 using fibonacci ratios to Wave 1. The long term chart shows two lows in the $70-$75 range that form support. One in 2005, and the other in 2006.
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