The price is in a correction and may grow.

On the daily chart, the third wave of the higher level (3) forms, within which a downward correction ended as the fourth wave 4 of (3), and the fifth wave 5 of (3) develops. Now, the third wave of the lower level the wave iii of 5 has ended, and a local correction is developing as the fourth wave iv of 5, within which the wave (b) of iv has formed. If the assumption is correct, after the correctional wave iv of 5, the asset will grow to the area of 275.00–295.00. In this scenario, critical stop loss level is 214.45.

Main scenario

Long positions will become relevant above the level of 214.45 with the targets at 275.00–295.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 214.45 will let the asset go down to the area of 192.42–179.76.