IRM Stock: Important Support Level Reached! Elliott WaveOn the IRM chart, I'm currently tracking a potential bullish impulse unfolding, represented by the white scenario. According to this white scenario, we're in a fourth wave pullback within a larger third wave. However, it's critical for the price to remain above the $80 level; otherwise, the pullback would become too deep for this scenario to remain valid.
Alternatively, there's a broader wave-four correction underway, indicated by the yellow scenario. In this alternative perspective, we have deeper support levels at $64.85, $52.24, and crucially at $42. Although ideally, the price should hold above $42, technically, a diagonal pattern (which the yellow scenario would suggest) allows a deeper decline down to the 61.8% retracement level. The area around $42 also aligns with structural support.
On a shorter time frame, the price has reached the 50% retracement within the upper support area, and we now have enough waves to potentially consider wave C of the fourth wave in the white scenario as complete. Still, we'd need at least a break above the $90 level as an early indication that a low has been established. For now, this is an interesting price area to watch closely, but it's still too early to adopt a bullish stance with confidence.
