Growth is possible.

On the weekly chart, the first wave of the higher level (1) formed, and a correction ended as the second wave (2). Now, on the daily chart, the wave C of (2) has formed, within which the fifth wave of the lower level v of C of (2) is developing. If the assumption is correct, the price of the asset will grow within the wave (3) to the area of 37.25–51.10. In this scenario, critical stop loss level is 12.13.

Main scenario

Long positions will become relevant above the level of 12.13 with the targets at 37.25–51.10. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 12.13 will let the asset go down to the area of 8.00–5.00.