This 120m chart of IP shows the stock breaking trendline support and then holding a re-test of the trendline as resistance. Further, price action from the high looks to be a clear "5 down, 3 up" Elliott Wave pattern. Initiating a short position at 53.50 for a continuation lower, with a profit target at 43.50. A move above 60 would cause me to reevaluate the trade.