The rally starting from $SPCX 104 is most likely a rebound, targeting the entire drop from 225.61 to 104. Why did the market widely expect $SPCX to break below 100 on August 3, with some even predicting 80 or 60? The logic is actually quite simple: the stock price had been plunging from 225, and at this point, it was approaching a lock-up expiration, valuations were high, and although the earnings report showed decent growth, it didn’t meet the market’s previously high expectations. After consecutive declines, pessimism intensified, and the market habitually extended the downward trend further. But I saw it differently—the company’s fundamentals didn’t deteriorate alongside the stock price. Revenue, EBITDA, narrowing losses, and growth in the Starlink business were all continuing to improve. In other words, the drop at that time was purely about valuation and expectations, both of which are highly elastic. When it hit around 104, we could interpret it as the risk of further decline being largely priced in. At that point, shorting further to bet on 80 or even 60 didn’t offer a favorable risk-reward ratio. Plus, from the technical perspective, it was highly likely that a daily-level rebound would start here. That’s why we decisively jumped into $SPCX during this phase. The move from 104 to 149.8 was the first leg up, and the pullback from 149.8 to 130.4 was a correction to that first leg. The rally from 130.4 to the present is at least on the same level as the 104-149.8 move. Together, these three phases form the overall rebound starting from 104—a rebound targeting the entire prior decline. As long as it stays above 145, we believe the rebound still has momentum. The resistance levels were mentioned in Monday’s video. If you haven’t watched it yet, go check it out—the levels remain unchanged for now.