Growth is possible.

On the daily chart, the fifth wave of the higher level 5 forms, within which the wave (3) of 5 ended. Now, a downward correction has formed as the fourth wave of the lower level (4) of 5, and the fifth wave (5) of 5 is developing. If the assumption is correct, the price of the asset will grow to the area of 490.00–518.50. In this scenario, critical stop loss level is 385.40.

Main scenario

Long positions will become relevant above the level of 385.40 with the targets at 490.00–518.50. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 385.40 will let the asset go down to the area of 309.40–274.85.