The price is in a correction, a fall is possible.

On the daily chart, the upward wave of the higher level C develops, within which the first wave (1) of C is developing. Now, the third wave of the lower level 3 of (1) has formed, and a correction has started as the fourth wave 4 of (1), within which the wave a of 4 is forming. If the assumption is correct, the price of the asset will fall to the area of 541.43– 500.55. In this scenario, critical stop loss level is 694.77.

Main scenario

Short positions will become relevant below the level of 694.77 with the targets at 541.43– 500.55. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 694.77 will let the price grow to the area of 750.00– 800.00.