IBM will continue to fall

The giant continues to slump with the gap breaking through boundary line of the global triangle, and strong sideways trend at the level of 165.50 was breached as well. A clear flag pattern pointing to trend continuity shaped up below this level. The large volume following the breakout confirms the high probability of a 50% Fibonacci retracement at 159, and then 140 and 123, i.e. targets after having broken out of the triangle. The decline could come quickly and may reach 159 by mid-December and 140 by late January 2015.

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