Double Zigzag Completed or One More Leg Down Before Wave 3?
SPCX is a newly listed Nasdaq stock with a limited price history, making its wave structure much easier to monitor than older, more complex charts. Since there isn't enough historical data to rely on long-term market cycles, Elliott Wave analysis and price action currently provide one of the clearest frameworks for evaluating the next major move.
As always, this analysis presents probabilities rather than certainties. The market will ultimately decide which scenario becomes valid.
This idea was shared previously, and so far the primary wave count remains intact.
After printing a high at $225.61, price entered a corrective phase. My primary count labels the decline as a Double Zigzag (W-X-Y) consisting of seven swings. The current recovery also appears to be developing as another corrective structure from the Zigzag family, with the potential to evolve into a Triple Zigzag if additional complexity is required.
Should this scenario play out, I expect one more decline after the current correction completes, allowing price to finish a larger corrective sequence and complete the overall eight-wave cycle shown on the chart. The highlighted support zones represent the most likely areas where this correction could terminate.
However, there is another scenario that deserves equal attention.
The entire decline may have already completed as a Triple Zigzag, meaning the market could now be building a series of nested 1-2, 1-2, and 1-2 structures across multiple degrees. If that interpretation proves correct, a confirmed breakout above $225.61, followed by a healthy pullback, would significantly increase the probability that SPCX is entering a higher-degree Wave (3)—typically the strongest and most impulsive phase of an Elliott Wave cycle.
For now, both scenarios remain valid.
The key confirmation level is $225.61. A decisive break above this high would strongly favor the bullish count, while rejection below it would keep the larger corrective structure in play.
As always, let the market confirm the wave count—not the other way around.
Key Levels
🔹 Bullish Confirmation: Above $225.61
🔹 Current Bias: Neutral until confirmation
🔹 Primary Structure: Double Zigzag
🔹 Alternate Structure: Triple Zigzag → Nested 1-2 setup
🔹 Focus: Watch the corrective channel and market reaction around key resistance.
Patterns whisper. I listen.
— Mr. Nobody 🎧📊
Space Exploration Technologies Corp.
3 days ago
SpaceX: Impulsive Breakout or Structural Correction?
https://www.tradingview.com/chart/SPCX/hjkSy2y2-SpaceX-Impulsive-Breakout-or-Structural-Correction/
SPCX is a newly listed Nasdaq stock with a limited price history, making its wave structure much easier to monitor than older, more complex charts. Since there isn't enough historical data to rely on long-term market cycles, Elliott Wave analysis and price action currently provide one of the clearest frameworks for evaluating the next major move.
As always, this analysis presents probabilities rather than certainties. The market will ultimately decide which scenario becomes valid.
This idea was shared previously, and so far the primary wave count remains intact.
After printing a high at $225.61, price entered a corrective phase. My primary count labels the decline as a Double Zigzag (W-X-Y) consisting of seven swings. The current recovery also appears to be developing as another corrective structure from the Zigzag family, with the potential to evolve into a Triple Zigzag if additional complexity is required.
Should this scenario play out, I expect one more decline after the current correction completes, allowing price to finish a larger corrective sequence and complete the overall eight-wave cycle shown on the chart. The highlighted support zones represent the most likely areas where this correction could terminate.
However, there is another scenario that deserves equal attention.
The entire decline may have already completed as a Triple Zigzag, meaning the market could now be building a series of nested 1-2, 1-2, and 1-2 structures across multiple degrees. If that interpretation proves correct, a confirmed breakout above $225.61, followed by a healthy pullback, would significantly increase the probability that SPCX is entering a higher-degree Wave (3)—typically the strongest and most impulsive phase of an Elliott Wave cycle.
For now, both scenarios remain valid.
The key confirmation level is $225.61. A decisive break above this high would strongly favor the bullish count, while rejection below it would keep the larger corrective structure in play.
As always, let the market confirm the wave count—not the other way around.
Key Levels
🔹 Bullish Confirmation: Above $225.61
🔹 Current Bias: Neutral until confirmation
🔹 Primary Structure: Double Zigzag
🔹 Alternate Structure: Triple Zigzag → Nested 1-2 setup
🔹 Focus: Watch the corrective channel and market reaction around key resistance.
Patterns whisper. I listen.
— Mr. Nobody 🎧📊
Space Exploration Technologies Corp.
3 days ago
SpaceX: Impulsive Breakout or Structural Correction?
https://www.tradingview.com/chart/SPCX/hjkSy2y2-SpaceX-Impulsive-Breakout-or-Structural-Correction/
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.