SpaceX (SPCX) IPO Analysis: Mapping the Bearish Path from the AlSpace Exploration Technologies CorpNASDAQ:SPCXzachtivisSpaceX remains in price discovery following its IPO, making traditional support and resistance analysis difficult. To create structure, I mapped Gann levels from the all-time high at 225.75 and used those levels as a framework for identifying potential downside targets. Price continues to trade below multiple key resistance levels and has failed to establish a sustained recovery. Until proven otherwise, the path of least resistance appears lower. Key Gann Levels All-Time High: 225.75 Resistance Levels: 210.98 (90°) 196.70 (180°) 182.93 (270°) 169.65 (360°) Support Levels 144.60 (540°) 132.83 (630°) 121.55 (720°) Bearish Thesis Since the IPO peak, price has continued to produce lower highs while remaining beneath major resistance levels derived from the all-time high. The inability to reclaim the 360° level at 169.65 suggests sellers remain in control. As long as price remains below: 169.65 182.93 196.70 I favor continuation toward lower Gann support levels. Downside Roadmap First Objective 144.60 Secondary Objective 132.83 Primary Bearish Target 121.55 The 720° level represents the most significant downside target currently visible on my chart. - Bullish Invalidation This idea becomes increasingly weaker if price can reclaim: 169.65 182.93 A close above 196.70 would force a complete reassessment of the bearish outlook and suggest the IPO may be establishing a stronger base than initially expected. Because SpaceX is still a young chart, I am treating the current low as provisional rather than assuming it is the ultimate cycle low. My focus remains on how price reacts to these major Gann levels as the market continues building its long-term structure. For now, I remain bearish while price trades beneath resistance, with 121.55 serving as the primary downside objective.