Growth is possible.

On the daily chart, the third wave of the higher level (3) formed, a downward correction ended as the fourth wave (4), and the fifth wave (5) develops, within which the wave 3 of (5) forms. Now, the third wave of the lower level iii of 3 is developing, within which the wave (iii) of iii has formed. If the assumption is correct, after the end of the local correction as the wave (iv) of iii, the asset will grow to the area of 295.00–310.00. In this scenario, critical stop loss level is 272.00.

Main scenario

Long positions will become relevant above the level of 272.00 with the targets at 295.00–310.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 272.00 will let the asset go down to the area of 256.76–250.13.