Some time has pass since my post on IBM (IBM:NYSE), morphing has occurred. Check it out here. Also, here is my post covering the concept of “morphing”.  There is now a “descending channel” adding to the still current top formation. Target is now at 130 (also a WALL), just now the breakdown line is clearer after a few monthly candle tests at 150.

ibm_m

The 5 year weekly candle chart shows more of the same as the monthly candle chart.

ibm_w

Zoom in on the 1 year daily candle chart. We can see the sideways consolidation for the past 10 months.

ibm_d

This big boy is dangerously close to breaking down back to it’s breakout levels of late 2010. I set my alert and will come back once triggered. A little more patience required.