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The Long Investor - $SPCX
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I have to stress the importance of watching $SPCX very closely right now... There are 2 possible scenarios.
The price is now testing the 0.5 Fib at $140, and we can see it is currently down 3% in the PM just below this level.
If the price drops below the 0.5 Fib at $140 and fails to reclaim it quickly, we then have to watch the 0.618 Fib at $132.... this is the Buy Zone on confirmed support...
If the price fails to hold in the Buy Zone, the probability of this becoming a Wave C becomes MUCH higher.... we would then be looking at a Wave C down below the amber 0.618 Fib at $101 where we also have psychological support at $100, so this is something everyone has to be aware of before rushing an entry.
To confirm this was an impulse wave, we would want to see the 0.618 Fib hold and then the price break above and flip the 50 Day MA at $149 to support..... until the price does that, a Wave C is very possible.
However, a drop below $100 and $SPCX becomes attractive.
For now, there’s not much to rush here.... be patient.
I have to stress the importance of watching $SPCX very closely right now... There are 2 possible scenarios.
The price is now testing the 0.5 Fib at $140, and we can see it is currently down 3% in the PM just below this level.
If the price drops below the 0.5 Fib at $140 and fails to reclaim it quickly, we then have to watch the 0.618 Fib at $132.... this is the Buy Zone on confirmed support...
If the price fails to hold in the Buy Zone, the probability of this becoming a Wave C becomes MUCH higher.... we would then be looking at a Wave C down below the amber 0.618 Fib at $101 where we also have psychological support at $100, so this is something everyone has to be aware of before rushing an entry.
To confirm this was an impulse wave, we would want to see the 0.618 Fib hold and then the price break above and flip the 50 Day MA at $149 to support..... until the price does that, a Wave C is very possible.
However, a drop below $100 and $SPCX becomes attractive.
For now, there’s not much to rush here.... be patient.
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