IRBT Triangles UpdateMy guesses:
If the pattern holds, IRBT will turn down to around $102.09 before beginning an upswing again. The RSI is right for this scenario, and the anticipated drop in price before the earnings report on Oct. 23 would indicate a final drop within the next couple of days, followed by a holding pattern until earnings, before turning up.
However, I don't expect the pattern to hold. The reason I have a projection arc is because this pattern has gone on too long. There is a strong possibility that the stock will instead drop below $102.90, with a possible support at $94.36, as can be seen just before the triangles began. IRBT stock prices have been outperforming the industry for the last three months, so a market correction is a distinct possibility. They already released their latest new Roomba on September 9 and there has been no news of any new products. The consensus is that the stock will drop to around $80, but when is unknown.
My suggestion: Do not buy now
