Elliott Wave Analysis & Forecast, #IBM, M1, 20160202
Refer to my last analysis in January 08. In my view blue wave 2 correction has finished in simple green abc zigzag correction near 118 and placed long term bottom. This bottom was slightly below the 61% Fibonaaci of blue wave 1.
Previous weekly bullish candle also support my this view. Though wave 2 correction rarely expand but we cannot rule out this scenario. A break above 133.50 is the second sign that wave blue wave 2 ended and new impulsive rally started towards its ideal target 300 or even above. Short term traders can enter into trade at current price or better targeting 148. Stop loss in this case will be below the weekly candle.