IREN 📉Technical Update
Based on current momentum and wave structure, Wave iii(circled) appears to have completed at the all-time high of 30.01 on early September, within a potential Expanding Ending Diagonal forming Minor Wave C, since August 1st — a potentially bearish terminal pattern. Despite this, a rally of up to 50% remains possible before the full structure completes.
📉🎬 At present, IREN is undergoing a sharp retracement, likely unfolding as Wave iv(circled), with a further 21% decline projected. This behaviour aligns with the deep and volatile pullbacks often observed during fourth waves within expanding diagonal patterns.
📈📉🎬 This alternate scenario aligns with the broader weekly outlook published on August 21, providing a secondary — yet technically valid — interpretation of the evolving market structure.
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