International Business Machine Corp (IBM): Showing a bullish sequence and looking for a $400.00 target [Video]
IBM, or International Business Machine Corporation, is a multinational technology company headquartered in Armonk, New York. IBM operates in over 175 countries and offers a wide range of products and services, including cloud computing, artificial intelligence, computer hardware, and software. The company is also a leader in quantum computing and has made significant advancements in this field. This article and video look at the Elliott Wave outlook of the IBM.
IBM quarterly Elliott Wave chart
Quarterly Elliott Wave Chart of IBM above shows the stock formed a bullish sequence. It has broken above wave ((I)) peak, confirming the bullish sequence. Rally to 206.22 ended wave ((I)) in grand super cycle. Down from there, wave (w) ended at 111.66 and wave (x) rally ended at 174.59. Wave (y) lower ended at 86.50 which completed wave ((II)) in higher degree. The stock has resumed higher in wave ((III)) and should continue to extend higher.
International Business Machine (IBM) weekly Elliott Wave chart
Weekly Elliott Wave View on IBM above shows wave ((II)) pullback ended at 87.62. Up from there, wave I ended at 153.21 and pullback in wave II ended at 120.55. Expect the stock to complete wave III soon, then it should pullback in wave IV before it resumes higher again in wave V to complete wave (I). While above 87.62, expect dips to find support in 3, 7, 11 swing for further upside.