A fall is possible.

On the daily chart, a downward correction of the higher level develops as the wave B, within which the wave (C) of B forms. Now, the third wave of the lower level 3 of (C) is developing, within which the wave iii of 3 is forming. If the assumption is correct, the price of the asset will fall to the area of 70.00–60.00. In this scenario, critical stop loss level is 104.10.

Main scenario

Short positions will become relevant below the level of 104.10 with the targets at 70.00–60.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 104.10 will let the asset grow to the area of 117.50–126.37.