A fall is possible.

On the daily chart, the fifth wave of the higher level (5) develops, within which the wave 1 of (5) formed, and a downward correction develops as the second wave of the lower level 2 of (5). Now, the wave a of 2 is forming, within which the wave (iii) of а has formed, and a local correction is developing as the wave (iv) of a. If the assumption is correct, the price of the asset will fall to the area of 409.50–384.73. In this scenario, critical stop loss level is 465.41.

Main scenario

Short positions will become relevant below the level of 465.41 with the targets at 409.50–384.73. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 465.41 will let the asset grow to the area of 490.00–510.00.