IREN Well overextended.... deeper pullback before upside

Price has overextended in a macro wave 3, the strongest and most powerful move described as a “wonder to behold” by Elliotticians. Novice investors are likely to get over-confident in these conditions, enter without risk management and keep chasing the price upwards only to be underwater when it turns around.

Profit taking appears to be taking place. I have closed my positions and am waiting for re-entry. The weekly pivots have been run.

Initial downside targets for wave (4) have been hit $39, the next is 0.382, $26.43. Expect shorts to pile in, adding to any downside momentum.

In the long term, we have higher to go in wave (5).

🎯 Terminal target for the business cycle could see prices as high as $124 based on daily pivots

📈 Weekly RSI hit overbought with no divergence

👉 Analysis is invalidated if we continue into price discovery

Safe trading

Maddox_Metrics

🎓 Behavioural Economist (PhD)
📈 Trader / Investor 15 years
👑 Unlock my trading plans: tradingblueprints.substack.com
🏆 Market Psychologist Newsletter: marketpsychologist.substack.com

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Maddox_Metrics

🎓 Behavioural Economist (PhD)
📈 Trader / Investor 15 years
👑 Unlock my trading plans: tradingblueprints.substack.com
🏆 Market Psychologist Newsletter: marketpsychologist.substack.com