SPCX has rebounded to its top. The shot at 138 didn’t break through. The 4h chart has six “four-yin” elements, and the daily DOWN sets the direction in stone. The close was slammed back below the double moving averages—this is the run-up before the drop. In the market, 72% of the aggressive buying is just stubbornly propping up a counter-trend rebound, while the spot order book shows sell pressure pressing too hard. Structure comes first: 137 on the rebound is the short point. If it breaks below 133, it will enter the acceleration leg—this downswing has only just started running. Don’t expect to turn it around with a single bullish candle.