SPACE EXPLORATION TECHNOLOGIES [$SPCX] ELLIOTT WAVE ANALYSISSpace Exploration Technologies CorpBATS:SPCXAnakynSpace Exploration Technologies appears to be approaching the final stages of a corrective ABC decline. Following the impulsive Wave A from the all-time high, price completed a three-wave Wave B rally before rolling over into Wave C. The current decline is unfolding as an ending diagonal—a terminal Elliott Wave pattern that typically reflects trend exhaustion rather than the start of a fresh impulsive decline. Unlike established securities, however, SPCX has virtually no historical price data. The absence of higher-timeframe structure significantly reduces analytical confidence, as Elliott Wave analysis relies heavily on historical context to validate wave degrees and identify long-term market cycles. With only a limited trading history available, all wave counts should therefore be treated with greater caution than would normally be the case. Even so, price is now testing an important confluence of support around the IPO level near $135, while the lower boundary of the ending diagonal converges with long-term trendline support. One final marginal low remains possible to complete Wave C, but the risk of downside continuation appears increasingly balanced by the potential for a meaningful reversal. Ending diagonals often conclude with a brief capitulation before reversing sharply, with the entire pattern frequently retraced in relatively short order. A decisive breakout above the diagonal’s upper boundary would provide the first technical confirmation that the correction has ended and that a larger recovery phase is underway. Until then, the preferred outlook remains that the market is completing, rather than initiating, a bearish sequence. Not financial advice. Like and follow for more Elliott Wave and macro crypto analysis.