IBM appears to have made a “flat” right under the top and double top. The typical signature of this pattern is an A-B-C with both they A and the B made up of an a-b-c and the C a simple 5-wave structure. Often the C=A at least as a factor, however near the top the C can easily become much larger. Alternatively the second top could be construed as a 5th failed wave. In the big scheme of things either interpretation is bearish even if another $5 up cannot be excluded.
This is a big picture sell.
So perhaps RIM is cheap, at least according to some measures, still I would exit at about $70. This is a reasonable volatile stock and it pays to just grab the sure part and not gamble on the rest.
No further comment.
Most investors and brokers love to bask in the shadow of Mr. Buffett in the belief that his acumen and or wisdom will somehow, by osmosis if you will, rub of on them. Before you get too close , you may want to consider that Mr. Buffett once observed that having an IQ score above 115 is detrimental to good investing, even suggesting (jokingly) that the relevant regulatory bodies in the US and Canada should ban brokers that scored above that level. I leave it to the individual reader to wonder if they should worry.
   Getting to the point, see the charts , note that Berkshire Hathaway stock dropped almost precisely by that ubiquitous 50% Fibonacci ratio. Not good if you consider that the benchmark whatever, S&P for the sake of argument, also did 50%. However not in two months! What is not crystal clear in EW terms is where the top actually is. Obviously it is the first top but EW rules (all pragmatic/ inductive) are not that obvious- it could be the second top (that failed by a few thousand dollars to make a new high. This leaves us with the possibility of 120k to the upside and 60k to the downside and perhaps both. Personally, looking at the Bigchart an ultimate target of 40k is certainly a possibility. If you are smart, but not too smart, you may want to keep a close eye on this one!
