SPCX retraced as scheduled after reaching the pressure level, has the rebound ended? Let's start with the conclusion - before the daily physical K falls below 130.65, the decline starting from 149.6 is still seen as a correction against the rise from 104.85 to 149.6. As long as this position is not lost, there is no possibility of the rebound structure being disrupted. After finding the endpoint of the pullback, there is still space above. Looking back at this round of market trends, it's actually quite interesting. On August 5th, when I judged that SPCX was about to embark on a major rebound, the mainstream voice in the market at that time was "falling below 100 or even 80 after lifting the ban"; After the price rose to around 149, I suggested that there might be a pullback here, and the mood quickly turned to 'sprint towards 160+'. Why can I make the correct judgment at the two key nodes of 104.85 and 149.6? I believe that in addition to technical analysis, understanding fundamentals, market expectations, and emotions is also very important. On August 5th, the market almost equated "lifting the ban" with "smashing the market", but most people ignored that understanding the ban only qualifies for trading and does not mean that all holders immediately sell. After the first batch of up to approximately 911.5 million restricted shares were released on August 6th, there was no expected stampede, and the subsequent trading day saw a sharp increase of 15.8%, which precisely indicates that the most pessimistic expectations have been traded ahead of schedule. At the same time, the fundamentals did not match the pessimistic narrative of the market: Starlink's revenue and profit continued to grow rapidly in the second quarter, with users reaching 12 million; AI revenue increased by 247% year-on-year, adjusted EBITDA turned from loss to profit, and signed $14.1 billion Cloud Services Agreements. The continued expansion of Grok 4.6 and Colossus is also driving the market's focus on AI from "how much money still needs to be burned" to "how much money can be earned in the future". So looking back, is "lifting the ban" really important? Important, but not as important as expected, because the logic behind lifting the ban is more important. The bearish sentiment was priced in advance, and the company's growth logic was not disrupted. This is what lies behind the lifting of the ban, and we need to think more before we can see it. Of course, the subsequent unlocking of SPCX and high AI investment will still bring fluctuations, and the drawdown starting from 149.6 essentially reflects market concerns. But currently, as long as it can remain above 130.65, I still define it as a normal pullback after an uptrend. I will only consider other possibilities if the daily physical K falls below that level and cannot recover.