SPCE - LONG SPCE to the moon?
IF, SPCE respects this set up we will see plenty of long opportunities to follow. Looking for confirmation at break of 32.05 and wave continuation to 34.47, trimming positions at that level as we could see a corrective wave but it could also bust through resistance if momentum and price action is strong. If 34.47 is broken you can expect massive moves, especially with the fundamentals/hype behind this stock with long term targets set at 1.5(57.36)and 1.68(59.54) fib extension of 1st long-term impulse wave. 50/200d moving averages had a strong crossover. I also noticed price bounced off of Volume Point of Control indicating institutional accumulation at the current level.
Objections: Daily RSI is reading over-sold levels as well as tapering of the MACD histogram, these won't mean shit if a major resistance like 34.47 is broken. I would give about 60% conviction on this trade currently, 70% if we can break 32.05, 80% conviction if we break 34.47.
