The price is in a correction and may grow.

On the daily chart, the fifth wave of the higher level (5) of А forms, within which the wave 1 of (5) ended, a downward correction formed as the wave 2 of (5), and the wave 3 of (5) develops. Now, the first wave of the lower level i of 3 has ended, and a local correction is developing as the second wave ii of, within which the wave (c) of ii is ending. If the assumption is correct, the asset will grow to the area of 300.00–335.00. In this scenario, critical stop loss level is 176.00.

Main scenario

Long positions will become relevant above the level of 176.00 with the targets at 300.00–335.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 176.00 will let the asset go down to the area of 149.25–121.07.