Here is a multi-timeframe look at FFIV. The stock recently broke lower out of a long-term corrective channel on the daily chart, setting up a move down to prior support around $125. We're looking for price to retest the trend channel as resistance before continuing lower. Drilling down to a 120m chart, price action doesn't necessarily look impulsive to the downside. However, we can count what may be an ongoing complex correction, with two simple zig-zags connected by a flat correction in the X Wave. This count supports selling rallies on FFIV into $150 for a move down to $130/$125. Initiating a small short position at market and will add to the position as the chart unfolds.