$SPCX - joining the PORTFOLIO at the IPO price of $135Space Exploration Technologies CorpBATS:SPCXColdBloodedCharterPosition #10: SPCX (SpaceX) Joining the portfolio at the IPO price. All it took was five weeks of patience, no need to stress, the price went to the moon for a while and now it's back on Earth. Very negative sentiment, articles, opinions - no surprise, everyone who bought after the IPO is under water. I won't write too much about the company itself, everyone probably already knows everything, no point repeating it. One of the more interesting things: the first earnings are approaching, along with the first share unlocks. The price is well below $175, so fewer shares will actually be unlocked. Supply shouldn't increase significantly, not at these prices, in my opinion. Anyway, I bought the first tranche for the portfolio, I've said many times that I consider the IPO price to be very strong support (the price briefly dropped to $132, but quickly bounced), and now there are several additional technical factors. Bullish RSI divergence (currently back above 40) on the lower hourly timeframe and the Descending Channel marked in red, I like that combination, and on top of that I believe the price is probably in the fifth and final Elliott Wave, both on the higher and lower degree. So simply put, this move lower has probably either already ended, or it's coming to an end. Volumes are very low, which is obviously bullish during a downtrend. One caveat though, the trend is still bearish, so theoretically it could go lower. Despite that, I think this is a good opportunity, the IPO price plus several signs suggesting trend exhaustion. This isn't leverage, precision doesn't have to be perfect. Speaking of leverage, my fourth or fifth long is getting hammered finally, I've averaged my entry down to $147, so it's bleeding, but I'm sticking to exactly the same strategy when it comes to the stop loss, I'll close it in three stages, after each candle closes below the IPO price. Wicks don't interest me, only closes, so the long is still alive and I even added more at $135. I think there's a good chance that was the bottom, either a local one or something more than just local. We'll see, if the price keeps falling there will be more tranches, but hopefully at least a local bottom has been established and the long position survives. 👽💙