NYSE:IRM   Iron Mountain Incorporated (Delaware)
IRM printing a very bearish monthly candle having held up above the expanding channel for most of the month but then collapsing through earnings just as I said it would in the previous thread. Not considering short term shakeouts, IRM had previously seen bullish price action to follow in through the last 4 earnings but here the dominant trend had reversed to the downside and thus the bearish reaction on this occasion.

And so I think that concludes the 5 wave impulse and IRM will now be in an A wave down.

RSI shows plenty of berish divergence highlighting the momentum shift to the downside. And with such divergence I would guess that IRM will hit the lower band before seeing any significant upside price action.

Also declining volume since February shows trend exhaustion.

Expecting price to fall sharply back through $51 where a 1.618 reverse extension has been taken from 2 previous major pivots from 2007 - 2008 crash. I have a 2024 LEAP put bought a bit early at $52, but that is the luxury of LEAPs is you can be early if you are aware of the dominant trend and still land ITM .

I would like to buy back my put at the 0.618 inverted phi retracement @ $35 or the 100 month moving average which has provided both significant support and resistance . Whichever comes first.

Not advice.

Comment: Down 6% today through earnings collapsing through the 1.618 @ $51 exactly as I said.

My LEAP put is now in the green. Much more to come I think.

Comment: Down 6% today through earnings collapsing through the 1.618 @ $51 exactly as I said.

My LEAP put is now in the green. Much more to come I think.


Just to add that although my put has suffered extrinsic time decay since I bought it in March, the IV implied volatility expansion has increased its value. This is why with options it can be advantageous to buy LEAP puts before a collapse.
Comment: Once IRM pushes passed the trendline and previous low support, momentum should be well to the downside. Looks like a simple 3 wave running flat retracement here that will likely be a wave 2, but it could also form a contracting pattern before breaking down. Either way looks bearish now.

Comment: See previous chart for update.
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