$IREN giving us a textbook post-earnings flush — third visit to this shelf and it's back below the .382 fib at $37.42 after closing $37.12 overnight.
Here's what matters: Price reclaimed that fib, then earnings wiped it out. That's your structure breaking down in real time. The .382 is now resistance — you need a clean reclaim above $37.42 with volume to flip bullish again. Until then, this is a failed bounce setup.
Options map resets at open. Watch how gamma repositions — if dealers flip short gamma below this level, volatility expands and you get more downside follow-through. If it holds and reclaims with conviction, you've got a higher low in play.
Invalidation is simple: lose the overnight low at $37.12 and you're hunting the next shelf lower. Reclaim $37.42 and hold it through the session, you've got a bounce setup back in play.
This is why we mark fibs and wait for confirmation — structure doesn't lie.
Here's what matters: Price reclaimed that fib, then earnings wiped it out. That's your structure breaking down in real time. The .382 is now resistance — you need a clean reclaim above $37.42 with volume to flip bullish again. Until then, this is a failed bounce setup.
Options map resets at open. Watch how gamma repositions — if dealers flip short gamma below this level, volatility expands and you get more downside follow-through. If it holds and reclaims with conviction, you've got a higher low in play.
Invalidation is simple: lose the overnight low at $37.12 and you're hunting the next shelf lower. Reclaim $37.42 and hold it through the session, you've got a bounce setup back in play.
This is why we mark fibs and wait for confirmation — structure doesn't lie.
