NYSE:SPCE   Virgin Galactic Holdings, Inc
Strong supply imbalance clipped and price went into freefall.

Price found support which is normal with these types of supply zones.

The most probable direction for SPCE is a lot lower to around $35 per share.
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A drop before Branson goes into space? I believe this will run tomorrow and on Friday and if successful flight it will run even more before it even dips. This particular stock is different and technical analysis is not everything since the founder is going into space IMO.
+15 Reply
pechi123 Sebastianagalindo
@Sebastianagalindo, Assuming everything goes right, but the time certain event could lead to complete an incomplete correction where C=A @ 39.91. Additionally given the size of the run up in less than 6 weeks time from 14.27 to 57.51 under the all-time high, there is a consensus extreme bullish sentiment of price projection 80+. Likelihood is the 5th wave up will fall short of expectations, and will be more like the size of wave 1 since 3 is already an extended wave. That will put a 5th wave barely above the all-time high. Perhaps, after a larger 4th wave correction once 5 waves up is complete another 5 waves up that will surpass the $80 level but that would likely be in 2022.
SPCE is doing amazing if on Sunday the fly is successful all the short sell will be bleeding for some while!
+2 Reply
@oleon2471, The flight was successful but price is dropping, the charts dont lie.
What about the big cup and handle forming? Should be pretty bullish especially when there is a catalyst (Their founder literally going into outer space)
+2 Reply
The opposite thing just happened
+1 Reply
@AJ-west, Very observant of you, you must be that guy with the 100% win rate :) I meet you a lot.
Coming above today's high 41.56 would mean a low may be in place, but violating 35.04 the top of wave 1 will make the entire move off 14.27 to 57.51 a countertrend rally that failed under the all-time high on an exhaustion gap and a volume spike (biggest ever) then gapped down. The gap up to 54.40 reversed and failed to fill the gap down. Equality in C wave has already exceeded A @ 39.91, it must hold above 35.04 or it's not a 4th wave. If C= 1.618 A that'll put it well under said 1st wave.
do you can update your idea ? and even with this goodd news what it was yesterday it will not effect it ?
@Najah000, My idea is still the same, short the bounces.