Bloodstained missile in spectacular flight! (3,5)

I believe the answer is:

red arrow

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'spectacular flight' is the definition.
I don't know anything about this answer so I can't tell whether this works.

'bloodstained missile' is the wordplay.
'bloodstained' becomes 'red' (I've seen this in other clues).
'missile' becomes 'arrow' (arrow is a kind of missile).
'red'+'arrow'='RED ARROW'

'in' is the link.

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