The pop and drop at the opening was $1 short of my targets, and the price has dropped to yesterday's close. Elliott waves indicate this was probably an extended wave 5, not an extended wave 3. Extended wave 5's are followed by wave 1's down that sharp and find support at the base of the previous wave 5 up. This is exactly what happened.
IBM is a closely followed stock that this spike and pullback should not be taken simply as noise as one would with penny stocks.
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