IREN Stock Eyes $103 Target as Wave 2 Correction Wraps Up

Iris Energy (IREN) stock is drawing renewed attention from technical traders after recent signals suggested its corrective phase may be nearing completion. According to Elliott Wave analysis, the end of Wave 2 could open the path for a fresh bullish impulse if broader market conditions remain supportive.

Following several weeks of consolidation and sideways price action, the stock is beginning to show early signs of stabilization. If momentum continues to strengthen, traders believe IREN could enter the next expansion phase of its broader bullish structure.

Technical Structure Signals Potential Upside

Recent chart analysis suggests that Wave 2 may have finalized its corrective pattern, potentially setting up the next impulsive move higher. This type of technical setup often attracts momentum traders looking for early positioning opportunities before confirmation of trend continuation.

Key Fibonacci retracement levels near $39.66 and $31.49 remain important technical zones to watch. These areas often act as potential demand zones where buyers may step in during pullbacks. However, if bearish pressure increases, downside risk could extend toward the $16.70 level.

On the upside, Elliott Wave projections indicate a primary bullish target near $103. If buying pressure accelerates and sentiment across technology stocks improves, some extended projections even suggest a possible move toward the $120 region.

As one technical summary noted, “Wave 2 appears to be complete, potentially setting the stage for a new impulsive move higher.”

Market Context and Peer Comparisons

Some market participants have started comparing IREN with NBIS, noting that NBIS has already experienced a significant upward move. This comparison has fueled speculation that IREN could potentially experience a short term catch up rally if the current technical structure confirms bullish continuation.

Broader sector developments also continue to shape sentiment. For example, the NIO stock institutional accumulation trenddemonstrates how institutional capital inflows can accelerate price movements in growth stocks.

At the same time, geopolitical risks remain an important variable for investors. Recent developments highlighted in TSMC geopolitical supply chain risks show how global tensions may impact semiconductor supply chains and indirectly pressure technology sector valuations.

Meanwhile, questions about AI investment sustainability continue to surface. The discussion around AI sector capital spending risks reflects growing investor awareness that aggressive capital expenditure cycles can create both opportunity and volatility.

Outlook for IREN Stock

The current IREN setup shows how Elliott Wave analysis continues to influence trading narratives, particularly among high growth and technology focused equities. Whether the stock can approach the projected $103 level will largely depend on price behavior around key support zones and confirmation from momentum indicators.

If technical support levels remain intact and buying volume increases, the bullish scenario may remain valid. However, failure to hold these levels could lead to prolonged consolidation or additional corrective movement as sentiment across the technology sector evolves.

My Take

Elliott Wave projections often appear highly precise in theory, but real market behavior rarely follows exact technical scripts. The $103 target depends heavily on support stability and momentum confirmation, both of which remain uncertain.

IREN remains a volatile stock, creating both opportunity and risk for traders. Because of this, disciplined risk management remains more important than relying exclusively on technical projections.

Haiderei Zhao 赵伟