IBM plunge might have caught many off-guard, but there were certainly signs of $IBM starting to trade a lot more erratically as of early last year beginning with a series of deep retracements Then, the IBM pullback from Nov '25 into May '26 overbalanced in time & undercut the last major Swing low. Despite a subsequent robust shakeout back to new highs, the broader structure had already begun to weaken quite a bit in morphing from an intermediate-term bull into more of a multi-yr sideways pattern & monthly MACD rolled over to negative early this year. Volume also began to show much greater signs of distribution & spiking on many of the "down" days in recent months. It goes without saying that $212 now becomes critically important, though right above a 50% retracement of the low-to-high range since '20. No position & important to let this stabilize before trying to be the hero. @IBDinvestors @marketsurge #IBDPartner#