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

On the daily chart, a downward correction of the higher level ended as the wave B, and the development of the upward wave C started. Now, the first wave of the lower level 1 of (1) of C has ended, within which the wave v of 1 has formed, and a correction is forming as the second wave 2 of (1) of C. If the assumption is correct, the price of the asset will fall to the area of 62.10–59.30. In this scenario, critical stop loss level is 74.00.

Main scenario

Short positions will become relevant below the level of 74.00 with the targets at 62.10–59.30. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 74.00 will let the asset grow to the area of 84.00–89.00.